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A 5 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 3 percent. What is the cross price elasticity of demand? Are tablet devices and digital apps complements or substitutes?
The marginal cost of a college education is given by the equation MC = ½ Qs + 2, where Qs represents the national student enrolment in millions each year. The demand for a college education is given by the inverse demand function P = -½ Qd + 18. In a..
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently?
What market structure best characterizes the market in which University of Phoenix competes?
Evaluate the influences of intellectual predictors of the following economic theorists: Adam Smith, David Ricardo, also Karl Marx.
q1. what is the effect on poverty statistics of noncash transfer programs?q2. suppose that in a country the total
Which of the subsequent is always true after an economy reaches balanced growth equilibrium.
Explain why an economy in which airlines charge different passengers different prices for the same flight will not have exchange efficiency. b. Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given alloc..
Despite ongoing debates about the appropriateness of macroeconomic policies, many macroeconomists have reached a modern consensus on several important issues.
For each of the following events, explain the short run and long effects on output and the price level, assuming polycimakers take no action.
At what stage of the consumer decision process can a marketer focus on creating primary demand for a new product?
Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm. a. Show and discuss the effect an increase in market demand has on the re..
Many economists claim that the property tax is the superior tax for municipal governments. Do you agree or disagree? What are the pros and cons of the property tax? If you were advising a city with respect to the property tax and how much the city sh..
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