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At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, quantity demanded falls by 1.50%. By the end of this year, the price of gasoline is expected to increase by 40 cents from $3.05 per gallon. Based on this information, what is the expected quantity demanded for gasoline at the end of this year? Please specify your answer to one decimal place.
In which directions are they pushing or pulling the U.S. economy. Also, do you think the gap between real GDP and potential GDP will widen or narrow.
Opponents of the minimum wage point out that the minimum wage:
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
Explain why do equity holders care more about ROE than about ROA. If a bank doubles the amount of its capital and ROA stays constant, what will happen to ROE.
Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue.
What price should a firm charge for a package of two pens given a marginal cost of t' 2 and an inverse demand function P = 6-2Q by the representative consumer?
Consider a numerical example. Originally, prices were p1 = p2 = 1 and income was 10. In the next year the price of good 1 doubled. The price of good 2 stayed the same. Calculate the CPI income adjustment. Calculate the new optimal bundle. And lastly,..
What is neutral technical? What is non-neutral technical change? Suggest a specific example of nonneutral technical change that occurred in the US. In England until 1950, many homes were heated by burning coal in a fireplace; now most homes are heate..
Which of the following transactions would be recorded as a credit in the U.S. current account?
Consider now an economy where you need to search for a job. Let b be the function of people that do not have a job and are searching for one. Here active population and working age population do not coincide. Write the equation describe the dynamics ..
The GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures.
Consumption is $6 trillion, investment is $2 trillion and government purchases are $2.5 trillion. The country exports $1 trillion and imports $1.5 trillion. Find net exports and solve for the level of aggregate demand.
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