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In Woodbridge, New Jersey cab fares are not regulated. Taxis may charge whatever they like, provided it is posted on their rate card. This may include a $10 inclement weather (rain, snow, etc.) surcharge.
a. Use supply and demand to explain the higher fares in bad weather. (One of each.)
b. How does this higher charge affect efficiency in the market?
What global social interests or responsibilities, if any, do we have as consumers to the losers of globalization? Discuss and justify your postings and responses with other students in our course.
In September 2003, a United State retailer wants to buy canola oil from a Canadian farm. At that time in Canada, one barrel of canola oil value C$2.
The other significant indicator in international trade is balance of payments. Summarize your understanding of microeconomic and macroeconomic theory in a discussion of balance of payments
The National Debt Try the following exercises to better understand how the national debt is related to the government's budget deficit a. Assume that the gross national debt is initially equal to $3 trillion and the federal government then runs a de..
If Japan generally runs a significant trade surplus, do you thinkthis is most related to high foreign demand for Japanese goods, lowJapanese demand for foreign goods, a high Japanese saving raterelative to Japanese investment, or structural barrie..
In recent years, the government of Pakistan has established a support price for wheat of about $0.20 per kilogram of wheat. At this price, consumers are willing to purchase 10 billion kilograms of what per year, while Pakistani farmers are willing..
"Importing more goods and services into the U.S. is always a good thing to do economically." Explain why you agree or disagree. Is it possible for one country to profit more off trade than another country Should we have a stronger dollar or a weak..
Since 1950, the price of modest sedans has gone from $2,000 to over $13,000, for, say, a Ford Focus or Chevrolet Cavalier. Yet the number of cars purchased by Americans has substantially increased.
explain using a numerical example, how the lawof diminishing returns operates. how does the law of diminishing returns explain the behavior of total cost, total variable cost and marginal cost as output increase
Concerned about the polictical fallout from rising gas prices, suppose that the u.s. government imposes a price ceiling of $3.00 a galon on gasoline. Q:: Explain how the market for gasoline would react to this price ceiling.
Alex doesn't care about where he lives, but he does care about what he eats. Alex spends all his money on restaurant meals at either American (x_a) or French restaurants (x_f).
Over the last 30 year in the US, the real price of a college education (i.e. after adjusting for inflation) has increased by almost 70 percent. Over the same period, an increasing number of high school graduates have sought a college education.
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