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You are employed as an economic consultant to the regional planning office of a large metropolitan area, and your task is to estimate the demand for hospital services in the area. Your estimates indicate that the own-price elasticity of demand equals –0.35, the income elasticity of demand equals 0.10, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals –0.15, and the elasticity of travel time equals –0.22. Use this information to project the impact of the following changes on the demand for hospital services. Show your calculations. a. Average travel time to the hospital goes down by 10% due to improvements in the public transportation system. b. The price of nursing home care decreases by 10%. c. Average real income increases by 4%. d. The hospital is forced to increase its price for service by 10%.
Suppose that the latest Consumer Price Index (CPI) release shows a higher inflation rate in the U.S. than was expected. Everything else held constant, the release of the CPI report would immediately cause the demand for U.S. assets to ________ and th..
A firm†TM s demand function is defined as Q = 30 - 2P. a) Use this demand function to calculate total revenue when price is equal to 10 and when price is equal to 11. b) What is marginal revenue equal to between P=10 and P=11?
Consider a contractual setting in which two players have agreed to invest (play I) in a cooperative enterprise. However, since their agreement, but before they have made the investments, some costs and revenues have changed. Circle the Pareto efficie..
What part of the business cycle is the U. S. economy currently in? Evaluate your answer using three economic indicators. Analyze the trends and forecast the direction of the business cycle in the next six months using your economic indicators.
Consider the market for peanut butter. If there is an increase in the price of bread ( a complement for peanut butter) along with a drought in peanut growing areas, the
Is the Government becoming too involved in Individual decisions? Do you object to mandatory determinations by government on the distribution of vaccines, regulation of air and water pollution or should the free market ensure equitable distribution..
Suppose a market is in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause these changes to price and quantity?
Business Depot, of office supply store is opening in Europe and McDonalds is expanding in India. Cigarette packs must carry a health warning. Which are social and self interests?
The terms below are measures or individual components of the money supply. Specifically considering the money supply of the United States, rank thes items from largest to smallest in terms of dollar value.
elucidate how the changes in the monetary policy effectiveness lag and the interest-rate multiplier affects how much and how long monetary policymakiers must change interst rates in response to any given demand shock.
With an increase in income a consumer will reach a higher indifference curve. But can an increase in income also change his preferences? Discuss. Generally it is assumed that more is preferred to less. If this is the case, how could a consumer reach ..
Suppose the exchange rate between the U.S. dollar and the Mexican peso was $1 = 5 pesos. A can of Pepsi sells for $2 in Boston and 12 pesos in Mexico City.
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