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You work for the American Red Cross as a Health Economics consultant in the Boston area. You are told to guess the correlation between snow damage to houses during the winter storms last year and the median price of the house.
(a) Develop and explain a hypothesis for why the correlation would be positive.
(b) Develop and explain a hypothesis for why the correlation would be negative.
(c) Develop and explain a hypothesis for why the correlation would be zero.
1. Describe the difference between correlation and causation in a few sentences.
Your income is $10 and you buy sodas for $1 apiece. One day a local bully starts demanding that you buy him a soda for every soda you buy yourself. Therefore, it now costs you $2 to get a soda. In these circumstances, you choose to buy 3 sodas a day...
A positive demand shock in the very short run would cause _____________ in prices; in the long run, it will cause _____________ in prices.
Consider a copy shop with annualized fixed costs of $1000 and variable cost of $0.03 per page. The shop presently has orders for 100,000 copies at a price of $0.05 per page. What is the shop’s average cost (AC) without taking the new order? Is it les..
Explain the concept of comparative advantage and the principle theories of why trade occurs and analyze and discuss the sources of comparative advantage in national economies.
Describe the cost function and explain the difference between a short-run and a long-run cost function. Describe the elements of a cost schedule which can be derived total, fixed, and variable costs. Compare and contrast the short-run cost function a..
In a well-developed essay, compare and contrast income distribution among the American people in the periods 1880-1900 and 1980-2000. What explains the similarities and differences?
FDI's according to their typology, can be divided into 1 horizontal and vertical 2 inward and outward 3 portfolio investment and green field. Classify the following cases according to the above parameters:
Graph these functions and find the non-zero equilibrium. Prove that the equilibrium at (0,0) is not stable. Suppose that school inputs improve by one unit, from 10 to 11. What is the immediate impact on education (before health can adjust)? What is t..
Share your thoughts on labor unions today. Do you have any personal or family experiences with unions? Do unions serve a valuable purpose in today's business world? Be specific about what costs and benefits you feel unions contribute today.
A firm has a monopoly on a new type of gaming console. The market demand is given by P=307.4-0.003*Q and thus marginal revenue is MR=307.4-0.006*Q. The monopolist's marginal cost is MC=4.3+0.001*Q. Calculate the profit-maximizing production quantity?
Write a short essay, using the market failure analysis, to justify why the U.S. government should or should not be involved in the provision of (1) airport security and (2) medical care.
Suppose that a firm’s long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing
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