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According to a study of US cigarette sales between 1955 and 1985, when the price of cigarettes was 1% higher, consumption would be 0.4% lower in the short run and 0.75% lower in the long run (Becker et al., 1994).
a. Calculate the short and long run price elasticities of the demand for cigarettes. b. Is demand more or less elastic in the long run than in the short run? Explain your answer. c. If the government were to impose a tax that raised the price of cigarettes by 5 percent, would total consumer expenditure on cigarettes (hint: which is total revenue for the firms) rise or fall in the short run? What about in the long run?
Discuss contributions of competing and dominant school of thought to evolution of labour economics; mention paradigm differences and distinctions between old labour economics and new labour economics.
The private marginal benefit for commodity X is given by 50-5 X , where X is the number of units consumed. The private marginal cost of producing X is constant at $10. For each unit of X produced, an external benefit of $5 is imposed on membe..
At the same time some internet trades such as grocery home deliveries have continually suffered steep losses regardless of scale.
Assume that at the current price, the price elasticity of demand for a campus film series is 1.40. If the objective of the film society is to maximize its total revenue.
Illustrate what will happen to equilibrium price As a local cable company offers cheaper pay- per-view films, local movie theaters have more unfilled seats.
The data in the first four columns represent price (P) and quantity demanded (Qd) in time 1 (before change in price) and time 2 (after change in price) for a specific good. Note that results should be expressed in absolute terms. For example, -1..
Suppose the city eliminates its restrictions on books stores, allowing additional stores to enter the marketplace.
What is the effective interest rate of an investment if the nominal annual interest rate is 2.09% and it is compounded semi-annually? Express your answers as a percent to two decimal places?
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
illustrate what type of unemployment will then occur. What is the natural rate of unemployment.
critically discuss the pros and cons of this contractual arrangement vis-a-vis the alternative of outsourcing the teaching to an outside fi rm.
what are the various formes of dispute resolution available to your company? what are the advantages and the disadvantages of each for your company?
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