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Suppose the price elasticity of demand for gasoline at the pump is 0.67. About how big a price increase will be required to decrease consumption of gasoline by 4 percent?
Identify the features that define the future of e-commerce. Which of these, in your opinion, are the most lasting?
Why do classical economists and Keynesian economists agree on the long-run effects of a fall in aggregate demand but not on the short-run effects?
Suppose Danielle consumes pancakes and waffles. Her utility function can be expressed as U(P,W)=10P^.75 W^.5. Furthermore, suppose the price of pancakes is $4.00 and the price of waffles is $2.50. Define Danielle’s marginal rate of substitution for P..
The Fed has since ended its quantitative easing policy and has stuck with leaving interest rates at 0%. For the past 6 months the Fed has been toying with the idea of gradually increasing the rates. It has yet to do so even though many "Experts" have..
Assume that you own a 10-acre plot of land that you would like to rent out to wheat farmers.
Trailer Company has asked its financial planning committee to analyze short- and longer-run pricing and production levels for the new hawk II trailer. What short-run price and output combination would be recommended if the committee decided that Skyh..
Thinking back on what you have learned in this course, identify the single most important economic principle learned and explain why it was more significant than any other principle or concept.
In countries such as Zimbabwe, which had problems with high inflation, the increased use of another country’s currency (such as the U.S. dollar or South African rand) became common. Why do you suppose this occurred?
In the General Theory of Employment, Interest and Money, John Maynard Keynes wrote: “If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish..
Explain why physician groups and health service workers’ unions prefer stricter licensure requirements rather than cost control efforts from legislators. What are the most difficult aspects of the Coase Theorem in solving a problem like spread of a d..
Look at Demand and supply; and quantity demanded and quantity supplied; they sound alike, but are different. What causes movement along the demand and supply curves and what causes the demand and supply curves to shift left or right; that is; what ca..
What will happen to the price of the computer in Yuan. Illustrate what will be the effect on Dell's cost of production.
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