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In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline.
How do you calculate for producer surplus?
q1. identify at least one important entrepreneur that you would consider an entrepreneurial legend and state why you
Suppose Shiva has preferences, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indifferent. With the quantity of milk (QM) ..
assume the following open economyc 300 0.80y - 125i 150g 250x 115m 125.05ya. conclude the equilibrium level of
Compute the arc price elasticity of demand for the price of paperback books falling from $7.00 to $6.50, the quantity demanded rises from 100 to 150.
Run a multiple regression that has the maintenance cost as the dependent variable and the age, miles per month, and Gasoline dummy variable as independent variables.
Consider the following utility of wealth function: U(W) = 25*W0.3 You currently have $10,000. There is an 8% chance that you get sick, in which case you lose half of your wealth ($5,000). What is your expected wealth? What is your expected utility?
Caroline has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accounting firm’s website in exchange for someone doing their tax returns. Which of the following principles of economic in..
You put $20,000 on deposit on your 30th birthday at 5% compounded annually. On your 40th birthday, the account begins earning 6%. Then on your 50th birthday, it begins earning 7%. You plan to withdraw equal annual amounts on your 61st, 62nd, . . . , ..
A firm scaled up its operation by increasing all inputs by 100%. If the firm experienced 150% increase in the output, the firm's long-run average cost exhibits:
In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
q.equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand.
q.conclusion at harding silicon enterprises inc.harding silicon enterprises inc. produces less than 1 of the worlds
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