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Assume that the demand for plastic surgery price is inelastic. Are the following statements true or false? Explain your answer
1. When the price of plastic surgery increases, the number of operations decreases.
2. The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded.
3. Changes in the price of plastic surgery do not affect the number of operations.
4. Quantity demanded is quite responsive to changes in price.
5. The marginal revenue of another operation is negative.
Jacob Viner originally envisioned a situation where, in the demand/supply graph of a trade-diverting customs union, the demand curve was vertical and all supply curves (including the supply curve of domestic producers) were horizontal. In this situat..
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week. If this is a two-good, two nation model
In 2013, approximately 58 percent of the adult population (245 million) was employed, the lowest employment rate in 20 years. If the employment rate increased to the prerecession level of 62 percent, How many more people would be working? By how much..
For each level of output except zero output, calculate the average variable cost, average total cost and average fixed cost.
q1. the total operating revenue of a public transportation authority is 100 million while its total operating cost is
Find the equivalent equal payment series (A) using an A/G factor such that the two cash flows are equivalent at 10% compounded annually. First cash flow: Start at -$50 at year zero and goes up every year in increments of $50 so at year five its at $2..
q1. consider the information you have read this week on international trade and specifically regarding the domestic
During spring break, students have an elasticity of demand for a trip to Florida of -3. How much should an airline charge students for a ticket if the price it charges the general public is $360? Assume the general public has an elasticity of -2.
q1. what factors might contribute to a low or high growth rate in a country? why do some poor countries experience
You take your first job out of college as an engineer with a salary of $58,000 per year. You decide to contribute $2,000 into your 401K retirement plan at the end of your first year (when you are 22 years old). If you continue to contribute annually,..
Find out equilibrium price and output for the following market condition. Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price m..
What are some of the reasons why the government will need to focus on spending levels to stimulate the economy?
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