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Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case.
a. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 400 units.
b. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 500 units.
c. Price falls from $2.25 to $1.75; quantity supplied remains at 600 units.
d. Price increases from $1.75 to $2.25; quantity supplied increases from 466.67 units to 600 units.
Home price escalation in the U.S. during 2005 fuelled booms in:
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Unlike the physical supply chain, inefficiencies characterize the financial supply chains of most companies.
Suppose that Charles, an economist from an AM talk radio program, and Dina, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate:
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In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 milli..
Complete the statements about the following three theories for the upward slope of the short-run aggregate-supply curve.
Cher's marginal rate of substitution of earrings (E) for necklaces (N) is 5 (MRSEN = 5). This information implies that:
During the second semester of 2009 and the first semester of 2010 the GDP growth rate became positive. However, percentage changes in the GDP growth rate were not matched by half percentage point decreases in the unemployment rate during that period...
Consumer surplus is smallest for. Which of the following markets will have the largest deadweight loss? A monopoly can price discriminate between two groups of consumers if each group has ________.
Despite this finding, the government mandates that new cars have air bags, rather than taxing their use. Is this policy a contradiction.
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