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The Price of Haircuts. The haircutting industry in your city uses a tiny fraction of the electricity, scissors, and commercial space available on the market. In addition, the industry employs only about 100 of the 50,000 people who could cut hair.
a. Draw a long-run supply curve for haircutting in your city.
b. Suppose the initial equilibrium price of haircuts is $12. Draw demand and supply graphs to show the short-run and long-run effects
The girls begin squabbling over who gets to use the family's iPad. Mona intervenes to stop the fight. Using the Raven and French model of power, what might Mona say to end the fight?
A project will cost $50,000. The benefits at the end of the first year are estimated to be $10,000, increasing at a 10% uniform rate in subsequent years. Using an 8-year analysis period at a 10% interest rate. Compute the benefit-cost ratio.
Compute the marginal revenue function from the demand equation Z=8Pz^2. Determine the value of marginal revenue when the price of good Z is $30
What is the gain or loss to U.S. tennis racquets buyers from the tariff? What is the gain or loss to U.S. tennis producers from the tariff? What is the government revenue from the tariff?
There are two countries (US, Mexico) producing two goods (Ipads (I), Jeans (J)). Suppose I is relatively capital intensive in production and the Mexico is relatively capital abundant. What will be the pattern of trade between the US and Mexico? Which..
What does this say about the elasticity demand for insurance products and what were the insurance companies assuming the elasticity demand would be?
In a random sample of 77 cars driven at a higher elevation, 18 of them produced more than 10 g of particulate pollution per gallon of fuel consumed. Can you conclude that the proportion of cars whose emissions exceed 10 g per gallon is greater at ..
Employing the new factory would ultimately reduce average total cost and the present value of the gain from employing the new factory must be less or equal to $50 million.
1.what is the total change in rgdp if government spending increases by 700 million and the marginal propensity to
Homework #4 EconS Find a real-life example of a patent awarded in the U.S. during the period 2008-2014. Explain the characteristics of the invention and discuss its impact on the market. Identify the price of the product, market structure and comp..
In 1966 a new fab cost $14 million. By 1995 the price had risen to $1.5 billion. Today, says Intel, the cost of a leading-edge fab exceeds $6 billion. Why would the rising costs of chipmaking machines lead chipmaking companies, such as Intel, to b..
Elements of fiscal policy that tend to have to move the budget toward surplus as the economy expands and toward deficit as it contracts are called?
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