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1. A local market for clay bricks has weekly demand described by P=1.55-0.008Q and supply described by P=0.32+0.0012Q. Calculate the equilibrium quantity
2. A local market for clay bricks has weekly demand described by P=1.55-0.008Q and supply described by P=0.32+0.0012Q. Calculate the equilibrium price
3. In response to a price decrease from $27 to $22, sales quantity increases 13,200 to 14,800. Calculate the absolute value of the price elasticity of demand
A chemical factory is situated next to a farm. Airborne emissions from the chemical factory damaged the crops on the farm. Using the marginal benefits and costs schedule above, plot a graph that shows the interaction between benefits to the factory ..
Which of the following institutional practices was identified by Oldman as contributing to regular roulette players’ belief in the “skill-based” nature of the game, in the casino where he was a participant-observer?
Elmer Fudd likes to hunt “wabbits” but also likes to hunt duck. His utility function can be expressed as U(W,D)= 1/(-(2W^2+D^2 )^2 ). Write the tangency condition, what can you tell me about Elmer’s preferences? Suppose that the price of hunting Duck..
Participate in a discussion with your classmates regarding the trade off between inflation and unemployment. Now that we have learned that the Short-Run Phillips Curve (SRPC) shows the trade off between inflation and unemployment at the given natural..
Illustrate what technologies are utilized. Describe the competitive environment within the industry. Is there a dominant firm.
When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. In the field of education, in obvious quantita..
Privatization in transition economies is often justified on the grounds of increasing. The text defines an economic system as. Which of the following legal forms of business organization provides for limited liability?
In community A, there is a single beekeeper and a single garden. The bees obtain nectar from the garden but provide no relevant pollination services. The bees, however, are a nuisance to the owner of the garden. The garden owner brings a lawsuit agai..
If a monopolist is producing a level of output at which demand is inelastic, the firm is not maximizing profits, and increasing output will decrease total revenue.
The following questions about discrimination. Does a gap between the average earnings of men and women, or between whites and blacks, prove that employers are discriminating in the labor market? Will a free market tend to encourage or discourage disc..
A company that specializes in online security software development wants to have $85 million available in 3 years to pay stock dividends. How much money must the company set aside now in an account that earns interest at a rate of 8% per year, compou..
World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per year between 1950 and 2003, world exports grew at 10.8% per year over the same time period. Which of the following help to ex..
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