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Hurricane Katrina damaged a large number of oil refineries in the Gulf Coast, causing a large increase in crude oil prices (crude oil is a key input in producing gasoline). After the hurricane came, all consumers expected that the gasoline price would rise in the future. Suppose that the gasoline market is at equilibrium prior to the hurricane.
a. Use a graph to show all the effects on the gasoline market. Briefly explain what would happen to the equilibrium price and quantity.
Three men claim to be the fastest gun in the West. To see who is right, they agree to meet at a desolate location in a desert. On a circular, cobblestoned area that is roughly 50 yards in diameter, each stands at the perimeter such that each man is e..
Suppose that you are indifferent in between se designations, save for differential risk of death, and illustrate what does your willingness to pay for these vacation tells you about Explain how much you value your life.
Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm. a. Show and discuss the effect an increase in market demand has on the re..
How versus simply ordering each farm to reduce pesticide use to 40% of current levels under threat of heavy fines for non-compliance.
Determine the point price and income elasticity’s for household furniture. b. What interpretation would you give to the exponent for R?
How do banks create money, and what could the Federal Reserve do to reduce this credit creation process, and in what circumstances might it want to do this?
Explain how "discretionary fiscal policy" can be "countercyclical" and can be used to support aggregate demand. Us an AD/AS model to support your answer.
firm's marginal cost curve crosses marginal revenue curve at an output level of 1,000 units. Illustrate what is firm's current profit. Illustrate what is likely to occur in this market and why.
Assume you were told to prepare a table of factored values for calculating the future worth of a geometric gradient series. Determine the first three values for an interest rate of 10% per year and a rate of change g of 6% per year
Describe some of the factors needed to reengineer corporate thinking that Southwest Airlines already exhibits. What specific elements of a corporate entrepreneurial strategy are apparent within Southwest Airlines? How was Herb Kelleher instrumental i..
Elucidate how does that fact that many goods are non traded affect the extent of possible gains from trade.
The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is present investment according to classical economists.
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