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Explain why the price elasticity of demand is negative. What would the price elasticity of demand be for a “prestige good”, one for which quantity purchased increases as price increases? How do you reconcile these two statements?
The United States has accrued a public debt of over $19 trillion over the course of its history, which is equivalent to slightly more than the annual nominal GDP of the nation. Come up with and explain at least two ideas in terms of how to reduce the..
Which is more economical, a plant with a payroll of $400 a week, with $100 of overhead, and with an output of 100 units per week, or a plant with a payroll of $80,000 a week, an overhead of $100,000 a week, and an output of 50,000 units per week? How..
Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of "comparative advantage". An increase in consumer income will affect the supply of any given product. The production possib..
Suppose that a monopolist faces the demand curve: Q=a-bP, where a and b are constants. Show that his marginal revenue curve is given approximately by the equation: MR= a - 2Q/b
q1. why do economists attempting to forecast short run future changes in real gdp and employment look closely at data
Describe the historical and institutional developments of the major US economic security programs since the early 20th century and identify the major attempts to reform the system throughout the period.
Assume that labor demand for low-skilled workers in the United States is: w = 24 – 0.1E where E is the number of workers (in millions) and w is the hourly wage. Assume there are currently 120 million domestic U.S. low-skilled workers who supply labor..
On a specific plot of land, X = 20L1/2 ; where X is the level of output in bushels of wheat, and L is the number of workers hired. Assuming that each worker receives a real wage equal to 1 bushel of wheat, calculate the maximum rental value of the la..
The USA Federal Government has decided to embark on Energy Security for the Nation in order to secure future availability of energy for the country. USA is rich in oil and gas resources, but the goal is for the country to be less energy dependent. Th..
Which of the following arguments strengthen the idea of floating exchange rates? A. Trade deficits can be corrected through changes in exchange rates. B. Changes in exchange rates will not impact the trade balance in the country. C. Governments shoul..
Wilson Company sells 130 units daily. Each time Wilson orders more units, the supplier takes four days to deliver the inventory. What is Wilson's reorder point (in number of units)?
When the marginal-cost curve lies below the marginal-revenue curve. Assume that for a perfectly competitive firm marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's total fixed cost is $600 and its to..
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