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Which are TRUE and which are FALSE ? PLEASE EXPLAIN the reasoning
A 10 percent reduction in price that leads to a 2 percent increase in total expenditures indicates a price elasticity of demand greater than 1.
A 10 percent reduction in price that leads to a 5 percent increase in the amount purchased indicates a price elasticy of more than 1
If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is inelastic.
Protectionist measures are enacted because they: Restrictions on imports of foreign steel into the U.S. will: If a bottle of French wine priced at 100 francs can be purchased for $50, the exchange rate is:
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
Which of the following is a category of fiscal policy?
Errol Vass was two weeks away from harvesting a bumper crop of macadamias when Cyclone Marcia stormed in.Now his Yeppoon-based orchard is in ruins, and Mr Vass is faced with the heartbreaking reality that this could be the end of the road for his 22-..
What effect would this have on the strategic learning equilibrium. In particular, might the incentives for strategic learning disappear?
Robert Lucas said that "...business cycles are all alike', yet from Chapter 3, we see that the times series of deviations from trend in real GDP is "choppy", and there is no regularity in either the amplitude or frequency of fluctuations in real GDP ..
The International Parcel Service has installed a new radio frequency identification system to help reduce the number of packages that are incorrectly delivered. What is the FW of this investment? b) What is the IRR of the system? c) What is the disco..
Using diagrams for aggregate expenditures (AE) and aggregate demand and supply (AD-AS), show the short run effects each of the following scenarios has on the relevant economy. Be sure to identify the cause of any shift or movement along AE, AD, and/o..
Firm B has invested five years and $6 million in developing a new product. Even now, it is not clear whether the product can compete profitably in the market. Nonetheless, top management decides to commercialize it so that the development cost will n..
Uncertainty and Insurance: You own a house and have a utility function equal to in which x1 represents your total wealth in a state of nature in which your house is still standing, and x2 represents your total wealth in a state of nature in which you..
After AT&T was split up by government litigation into a number of different entities (i.e., local phone companies, a long-distance phone company and a phone equipment manufacturer), what was the result on competition in the phone market?
Congresswoman Gaga represents a state in which several firms fabricate furniture. She needs to impose tariffs on all imported furniture.
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