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When the price of oranges is $5 per lb, the quantity demanded is 100 lbs per week. When the price rises to $20 per lb, the quantity demanded falls to 99 lbs per week. Calculate the price elasticity of demand for oranges, and say whether it is elastic, inelastic, or unit elastic.
When the price of apples is $6 per lb, the quantity demanded is 20 lbs per month. When the price falls to $5 per lb, the quantity demanded increases to 90 lbs per month. Calculate the price elasticity of demand for oranges, and say whether it is elastic, inelastic, or unit elastic.
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. Assume that the labor force today (period t = 0) is 100 million. What is the steady state unemployment rate for this economy?
Describe a national model of universal healthcare coverage. Compare the model's methods of funding for healthcare in the United States. Identify which one you think is best by discussing access and quality detail.
Which of the below are examples of substitute goods
There are three types of plant: coal, natural gas, and hydroelectric. The three types of plants face the costs appearing in the table above.
“The money supply of an economy increases when the central bank simultaneously decreases the reserve requirement and sells government bonds in open market.” Explain whether this statement is true, false or uncertain. Explain what is the inflation tax..
Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one ..
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
The demand for a new book is given by the function Q = 5,000 - 100p. If the cost of having the book edited and typeset is $20,000, if the marginal cost of printing an extra copy is $4, and if he has no other costs, then he would maximize his profits ..
If US investors decide that investment opportunities in African countries have improved. What happens to US net capital outflow? What hap pens to US net capital outflow? What happens to the US real interest rate?
Which of the following is important if forecasting is to have the desired positive effect on decisions?
sandy sue sanders can take a job paying $10,000 a year when she graduates from high school, or she can go to college and pay $9,000 a year for tuition. Measured in dollars, Illustrate what is her opportunity cost of going to college next year.
Which is the correct order of importance in terms of revenue collected among the following federal taxes? The marginal productivity principle says that a profit-maximizing firm should. An employer would never operate on the upward-sloping part of an ..
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