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Suppose there is a technological change that allows manufacturers to make cell phones much more cheaply; in fact the price falls by 25%. If the short run price elasticity of demand is -0.8, how much does price change? Are cell phone producers better off or worse off?
The possibility for gains of trade is due to the fact that different countries face different resources endowments, production costs and geographical locations. Interpret and expand with examples.
Consider the argument made by Thad Williamson, article 3.4 in Real World Micro . Does "more" make us happier? If not, then why do we produce more? In your answer, consider the difference between the circuit of production under capitalism and that..
Choose one emerging trend in customer service and discuss how it is impacting the relationships between companies and customers.
Illustrate what is happening to the U.S. exchange rate when the U.S. nominal exchange rate is unchanged, but prices rise faster abroad in the United States than abroad.
Over the past decade, medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity..
AppsAlot is a small company that develops a variety of apps for smart phones. Management desires to raise $10 million in funds to initiate and continue various projects. With that funding, they project an earnings (net of all expenses except capital ..
Suppose that the authorities had effectively prohibited price-gouging and somehow managed to ensure that their action had no effect on the quantity of ice in the area. What would have been the effect on social welfare?
Determine the profit of the Restaurant. If the company were to produce as a perfectly competitive firm, how much would it produce?
Suppose the government decides to increase taxes by $50billion and to increase transfer payments by $50 billion. Illustrate what effect would there be on aggregate demand.
What do they perdict will happen to labor market participation rates in the comming years? What impact are these events expected to have on the economy's potential GDP and why?
Robert and Janet are discussing unemployment and inflation in their country. On the basis of a recent newspaper report, Robert claims that a 5% reduction in unemployment will lead to a 2% rise in inflation. On the other hand, Janet insists that infla..
Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models? Assume the following two equations for the extraction of a natural..
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