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In 2007, the price of gasoline in Canada was higher than it had been in 2006. Also in 2007, more gasoline was purchased in Canada than had been in 2006. According to the law of demand, higher prices cause lower quantities demanded, not higher. Use graphs to explain three potential reasons what might have happened to bring about a higher price and a higher quantity sold in 2007 than in 2006 if the supply and demand curves had their normal shapes.
I am planning giving a patent for a new drug. The public demand is given through: P=120-10Q, where Q is quantity of the drug and P is price. If the marginal cost of production is given by MC = 2Q,
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. Show this situation graphically, using W1 to indicate the equilibrium wage rate and Q1 to show the number of ..
Consider two countries, Canada and China. Canada has comparative advantage in oil production, and China in shoes production. Suppose China grows biased to oil production.
Prepare a page analysis - Changes in Monetary Policy - What is the maximum amount of new loans that this bank can make?
Amazon's "autobot" recently recommended a book to one of us titled Quality Maintenance: Zero Defects through Equipment Management. The book's description is "Achieve zero-defect product quality by eliminating the root causes of your equipment defe..
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
The local and then the state government each take actions to clean up the site and to fine the company for damages. Which of the following would be a potential positive externality for the national environment?
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
Utilizing an appropriate diagram, show and explain briefly how a rise in the minimum wage could result in higher employment
Using the three quarters moving average, find out the the forecasts for 3rd quarter 2010, 4th quarter 2010, and 1st quarter 2011. Use the given data, actual demand 3rd quarter year 2010 is 260, the actual demand 4th quarter year 2010 is 270, and t..
the malthusian model to describe the situation in twilightia. in particular the relationship between its income per
what is a balanced budget rule for the federal government what are the economic consequences of it (EXPLAIN) Should a candidate for a national office support such a rule
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