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Q1. Using the formula for β^1 and β^0, show what will happen to the estimator of the slope and intercept in the SLR model if y is multiplied by the constant k, and at the same time x is multiplied by the constant m.
Q2. At the local gas station, the price elasticity of demand for gasoline is 0.4 at the current price of $3.50 per gallon and the current quantity demand of 6,000 gallons. The gas station is about to increase the price to $3.85 per gallon. How many gallons of gas will be sold at this higher price?
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
Explain the paradox of why new cars usually lose a large fraction of their market value the moment they are driven from the showroom. Identify the economic principle that explains this paradox.
When Betsy goes to make her list for tomorrow she is upset that she didn't get everything done. In a well-written paragraph explain the economics behind her inability.
Find the equilibrium price and quantity algebraically. If tourists decide they do not really like T-shirts that much, which of the following might be the new demand curve.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
Between two production technologies firm can choose a new product line. If it installs expertise 1, it's annually costs.
An upward or downward movement along a given demand curve or involves an outward or inward shift in the relevant demand curve for housing.
If the government uses a tax to get producers to internalize their externality, what is the net price received by producers.
As before pleasing the job, you admit a surprise offer from a competitor. Elucidate how much producer surplus have you earned, if you actually earn $2600 during the month.
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
Some economists argue that only unanticipated increases in the money supply can affect real GDP.
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