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Consider the market for van gogh paintings and assume no forgeries are possible.
A) Is the supply of van gogh prelatively elastic, relatively inelastic, unitarily elastic, perfectly elastic, or perfectly inelastic?
B) Suppose there are only 10 van gogh paintings in the world, and suppose the demand curve is Q=50-0.5P. Calculate the equilibrium price and quantity.
C) Suppose a fire destroys five of the paintings. Calculate the equilibrium price and equilibrium quantity.
D) Using a single supply and demand diagram, illustrate the market equilibrium in the market for van gogh paintings showing the outcome before and after the fire. Make sure to label your axes and curves.
Draw the Lorenz curves for the rural and urban populations for 1998 and 2010. Be sure to carefully label your axes. What do they tell you about changes in inequality over time in Mexico?
q. bud owen operates buds package store in a small college town. bud sells six packs for off-premises consumption. bud
why would china want its own currency to be undervalued relative to the u.s. dollar? how does china maintain an
State whether the following characteristics represent monopolistic competition, oligopoly, or both.
Suppose you have a demand function given by: Q = 600 ? 0.5P. What is the price at which demand elasticity is Ed = ? 2? Hint: Instead of using price to find elasticity, you will now have to use elasticity to find price. You can use the point elasticit..
Suppose we are using the concepts of supply and demand in the labor market for nurses in Moscow. If a large number of Moscow’s nurses decide they will move to Washington to look for work, how would this be reflected in the Moscow labor market?
The market for a standard-sized cardboard container consists of two firms: CompositeBox and Fiberboard. As the manager of CompositeBox, you enjoy a patented technology that permits your company to produce boxes faster and at a lower cost than Fiberbo..
Set all variables to their baseline values. Elucidate how much money do consumers want to spend on spaghetti when the price.
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Compute the marginal tax rate as income rises from $100,000 to $200,000. Compute the corresponding marginal tax rates for the regressive and progressive tax systems.
Which would be considered to be one of the factors that shift the aggregate supply curve? A change in: consumer spending. net export spending. government regulation. consumer expectations on investment projects.
Liberty Airways is considering an investment of $800,000 in ticket purchasing kiosks at selected airports. The kiosks have an expedited life of four years. Extra ticket sales are expected to be $60,000 per year at a discount price of $40 per ticket. ..
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