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Calculating elasticity: Draw a set of coordinate axes on a piece of graph paper. Label horizontal axixs from 0-50 units and vertical axis from $0- $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units. Draw a supply curve that intersects the vertical axis at $4 and has a slope of 1. Make the following calculations for these curves, using the midpoint formula: A. What is the price elasticity of demand over the price range $5 to $7? B. What is the price elasticity of demand over the price range $1 to $3? C. What is the price elasticity of demand over the price range $10 to $15? D. What is the price elasticity of demand over the price range $15 to $17?
Assume that the MPC is 0.85 and that the Government is considering to boost the economy to increase real GDP by $2 trillion for the 2008 general elections.
A market total demand is given through P = 80-(z/2). This market is supplied by a dominant firm & by other, relatively "small firms". The small company total supply is given by P=4y.
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits Do you think the economic benefits outweigh the economic costs, or not If we wished to reduce the budget deficit then h..
Illustrate what policy options are available to the government to counter the effect of a sharp fall in real estate values on the economy.
The potentially valid arguments for tariff protection-military self-sufficiency, infant industry protection, and diversification for stability-are also the most easily abused." Why are these arguments susceptible to abuse
The following table contains 3-hypothetical public assistance plans. Calculate the minimum income, the benefit- reduction rate, and the break-even income for each plan.
If we assume most of the crime results from drug addicts stealing to buy drugs, what would happen to the amount of drug use and the amount of theft if we increased education programs to inform potential drug users about the dangers of drugs
Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic development?
on average, does an increase in taxes raise or lower real gdp if taxes as a percent of gdp go up 1 percent, by how much does real gdp change are the decreases in real gdp caused by tax increases temporary ir permanent does the intention of a tax i..
since november 2011 the reserve bank has lowered the cash rate on eight separate occasions from 4.75 to 2.5. clearly
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Calculate the arc price elasticity of demand over this price and consumption quantity range.
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