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1. Fill in the blanks most appropriately: In class we discussed the claim by Amazon that demand in the ebook market is elastic for a price decrease from $14.99 to? $9.99 per ebook. If this is true, RAISING ebook prices will _____________ ebook revenue for authors. Compared to the elasticity of demand for ebooks, demand for all formats of a specific book will likely be ________ elastic.
A. decrease ; more
B. not change ; more
C. decrease ; less
D. increase ; less
E. increase ; more
F. not change ; less
2. Jim and Ed both raise cattle. The property line separating their adjacent farms runs through a long narrow meadow. Its exact location is unknown and can't be determined. Each farmer must choose independently how many cattle to graze in the meadow. Each has only two? choices, "a lot", or "few". If both graze a lot of cattle, each earns $4,000. If one grazes a lot of cattle, and the other grazes only a few, the one who grazes a lot earns $10,000 and the one who grazes a few earns $1,000. If both farmers graze a few cattle, each earns $6,000. In equilibrium, the total combined profits to Jim and Ed are:
A. $6,000
B. $8,000
C. $11,000
D. $12,000
E. $20,000
It is assumed that quantity of item is intended of other items find out probability that first faulty item doesnot occur in the first six selected items.
A company selling widgets advertises through three types of media: print, television and internet. Recently the company has decided to increase its advertising budget by $100,000. In order to determine where the additional money should be spent, the ..
Please apply demand and supply analysis to answer the following questions related to the U.S. real estate market: What is the impact on residential real estate market after the Fed stopped QE3 (buying bonds monthly from banks) in 2014? Please state t..
In class, we discussed a first price sealed bid auction with two bidders. Each bidder’s valuation v was a random draw from the interval [0, 1] according to the uniform cumulative distribution function F(v) = v for 0 £ v £ 1. Now suppose there are n ≥..
Draw the AS-AD representation of an economy in a Recessionary Gap. Policymakers familiar with Keynesian Economics might attempt expansionary fiscal policy in order to address the shortfall in output. Name the two most common sources of expansionary f..
Suppose that you deposit $5,000 in a savings account. It has been 15 years and your current balance is $8,376.74. What was the annual compound interest rate?
Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n )?
Assume that the industry wants to expand and has to make some long-term capital budgeting decisions. Now the industry is confronted with government regulations to oversee the merger.
What is average variable cost? Is the firm profitable? Should it stay in business? Should it stay in business in the short run? Should it stay in business in the long run? Show your work and explain answer.
The market demand for a rare mineral is Q = 1,300 – 10P and the market supply is Q = 6P. Suppose the government imposes a tax of $4 per pound on the consumer. What is the economic incidence of the $4 per-pound-tax relative to the absence of a tax? ..
lori is a student who teaches golf on the weekend and in a year earns $40,000 in fees after paying her taxes. How much did Lori save in 2009 and what is here wealth at the end of 2009?
When full employment is reached the aggregate supply curve will (as we move to the right along the curve):
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