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Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following:
Compute the price elasticity of demand for paint.
Decide whether the demand for paint is elastic, unitary elastic, or inelastic.
suppose you are estimating a simple linear regression model. (a) If you multiply all the x values by 20, but not the y values, what happens to the parameter values beta1 and beta2 what happens to the least squares estimates b1 and b
A pallet recycler has offered to purchase pallets, which are of certain sizes and in good condition. The pallets that are in these sizes and in acceptable condition amount to half the scrapped pallets. The pallet recycler is offering to pay $1.00 ..
The one-year real rate of interest is currently estimated to be 3 percent. The current annual rate of inflation is 2 percent, and market forecasts expect the annual rate of inflation to be 5 percent. Approximately, what is the current one-year nom..
illustrate the market for theater tickets in the case of these two externalities. Again, label the demand curve, the social-value curve, the supply curve, the social-cost curve, the market equilibrium level of output, the efficient level of output..
According to the Census Bureau, 3.20 people reside in the typical American household. A sample of 26 households in Arizona retirement communities showed the mean number of residents per household was 2.86 residents.
the Advisability of which action to take depends on how the market will respond to the new product.If demand is high, then its worthwhile to make the extra investment for special facilities and equipment needed to produce the component internally.
Assume that the following equations characterize a large open economy: (1) Y = 5,000 (2) Y = C + I + G + NX (3) C = 1/2(Y - T) (4) I = 2,000 - 100r (5) NX = 500 - 500e (6) CF = -100r (7) CF = NX (8) G = 1,500 (9) T = 1,000where NX is net exports, CF ..
Between 1984 and 2001, the U.S. government made it much easier to get disability payments and the number of disabled people more than doubled from 3.8 million to 7.7 million. Once on disability, citizens then count as "out of the labor force."
As a natural experiment to estimate the effect of education on receivings, a researcher compares schooling and educational attainment of two groups of people.
A high-tech company in the US can have one of the popular items made offshore at half the price of making them in the US. However, about 90% of the items made offshore will be returned within the warranty period of 1 year for repairs. The followin..
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman
Find the equilibrium level of income (Y*). Construct an aggregate expenditures model showing this information. What happens to RGDP if government spending decreases by $5 billion? Provide specific numbers. Suppose this economy opens up to trade. If..
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