Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
N May 1970 the trustees of the Village of Potsdam, New York, decided to double the rate charged residents for water, in abundance supply from the local river, I order to pay for their new sewage treatment plant. Two colleges in the village constitute about half the population when they are in session and pat the same water rate as do households.
The Village Administrator's prediction of revenues and the actual results are as follows:
Fiscal year
Price per 1000 gallons
Predicted estimated revenue
Gallons sold (Thousands)
Actual revenue
June 1969- May 1970
$0.60
$180,000
290,540
$174,325
June 1970- May 1971
1.20
360,000
278,045
336,654
a. What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? b. Compute the approximate elasticity of demand (round off, two decimal places is close enough). c. Consider the policy advantages of raising the price of water to pay for the sewage plant rather than raising real estate taxes.
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Assume the US economy experiences deflation. Trace through the impact on the US macroeconomic variables to the effect on the FOREX rates.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
What are primarily intended to address the problem of insuring people who do not have health insurance? Would a public national health insurance system reduce total spending on health care in our economy?
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd