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Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another g..
. In a sample of 300 houses, the sample average price was found to be $196,340. Assume the variance of house prices is 120,000,000. Let random variable X denote house price, and ? denote its unknown population mean, E(X) = ?. For each of the follo..
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is 15,000 units.
Using the results obtained above, derive a table for the long run costs of the various levels of production of sweaters (10, 20, 30, 40). The table should show: quantity, total cost, average cost and marginal cost.
"we oppose a nationsl market for pollution rights, as this would put an undue burden on low-income households who would no longer be able to afford to drive cars or heat their homes. instead, we propose that large corporations be required to reduc..
If this firm was under perfect competition, what would be the efficient level of output in the long run?
Distinguish between a change in Supply and a change in the quantity supplied. Refer to both increases and decreases for each. Distinguish between a change in Demand and a change in the quantity demanded. Refer to both increases and decreases for.
Suppose that the economy is currentlyat potential output. Also suppose that you are an economicpolicy maker and that a college economics student asks youto rank, if possible, your most preferred to least preferred type of shock
How does an increase in disposable income affect the consumption function? How does an increase in expected future income affect the consumption function?
Does this production function exhibit constant returns to scale? Write down the production function in per
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
It is often suggested that the Federal Reserve try to achieve zero inflation. If we assume that velocity of money is constant, does this zero-inflation goal require that the rate of money growth equal zero
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