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Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of demand between good X and Y is -5. Determine how much the consumption of this good will change if:
- The price of good X increases by 5%
- The price of good Y increases by 12%
Consumers buy from the lowest price firm, and the highest price firm sells nothing. If the firms pick the same price, they split the market demand equally.
What can it be sold for now if a buyer's desired return is 4 percent per 6 months?
Elucidate what happens to real GDP when it is initially to the right of the equilibrium point and why. Indicate two public policies which would be appropriate for addressing this situation.
The marginal factor cost curve for a monophony: The marginal factor cost curve for a monopsony: Which of the following Lorenz curves is closest to the diagonal line?
q1. if the impact of the u.s. imposed on japan voluntary export restraint of passenger cars to the u.s. from 2000000
Explain the concept of countertrade. When does counter trade make sense? How does counter trade help solve the nonconvertability problem?
Illustrate what will be the new equilibrium price, if the government puts a 15 cent per tax on the candy.
The steepness (slope) of an indifference curve indicates which of the following?
Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, and the marginal product reaches zero, and the average and marginal product intersect.
The U.S. Federal government has been running deficits in the hundreds of billions of dollars which means that the U.S. Treasury is issuing hundreds of billions of dollars in new Treasury securities. If this is all you consider, what are the consequen..
Suppose option A has a higher variance than option B. Which of the following statements is, in general, true?
Which of the following terms best describes a contract that guarantees an agent some payment, but provides enough incentive so that the agent does not shirk?
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