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1.) Suppose the price elasticity of supply for new homes is 0.25 in the short run and 1.05 in the long run.
a. If the average home price falls from $110,000 to $90,000, what happens to the quantity of new homes supplied in the short run?
b. How does the quantity of homes supplied change in the long run
2.) The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought destroys one-third of the corn crop.
Find the taxi firms profit maximizing or loss minimizing output level, Q. Calculate the monopolist's total profit. What is the monopolist's average profit?
The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of th..
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
Sixteen states sue the major tobacco companies for billions of dollars because of tobacco-related costs in their Medicaid programs. Medical evidence that more than two cups of coffee a day (Considered by many to be a substitute for smoking) greatl..
What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
Using two graphs, show consumer surplus before and after government intervention.
Suppose you own a franchise of rental car bureaues in Florida. You recently get a report indicating that about 80% of all tourists visit Florida during winter months in any given year,
What forecast would you make for the merged firms' profits and what explanation might there be for such a strategy? After the merger, what prediction would you make about advertising rates?
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
Suppose that you are on holiday in Russia, when suddenly you are arrested and accused of spying for United States.Your captors tell you that if you confess, you will receive a prison sentence of 2-years,
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