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Electric cars: Now consider the invention of cheap electric vehicles. Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected? Show graphically with before and after curves on the same axes. How will this change the equilibrium price and quantity of gasoline? Explain your reasoning. (Be sure to identify which of the following apply: the cost of production, a change in technology, tastes and preferences, income, the price of substitutes or the price of complements affects equilibrium price and equilibrium quantity)
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
The total utility for water is higher than the total utility for diamonds. You can explain the diamond-water paradox (that diamonds are expensive but not necessary for survival / not as useful, while water is inexpensive yet necessary for survival / ..
Suppose an ASU student sampled 50 students to estimate the proportion of students that favor Billy Big time for Student Body President. The student calculated a sample proportion of .38 and a 95% confidence level that had a margin of error of .02. Wh..
A government starts off with a total debt of $3.5 billion. In year one, the government runs a deficit of $400 million. In year two, the government runs a deficit of $1 billion. In year three, the government runs a surplus of $200 million. What is the..
Use the aggregate expenditure model to explain the following statements from the opening news article.
When using regression to combine forecast of the same Y variable derived in with various methods how do you determine the best forecasts to include in the model?
Patrice owns a travel agency. Her accountant most likely includes which of the following costs on her financial statements?
Provide an example to discuss how special interests can succeed in perpetuating policies that are opposed by the majority of voters because the costs of organizing and motivating groups to take political action increase with group's size.
Given the following annual information about a hypothetical country, answer questions a through d
Each firm in a cartel has an incentive to chisel because market price exceeds, Under the cartel model, each firm produces where
Mom belongs to a dealer's association and the members have kept careful records of how the forecaster has performed - Once she gets the forecast she can proceed with her decision as place a big order or a small order.
What is the probability that more than 200 cars will require service work in a particular month? B. What is the probability that fewer than 175 cars will need service work in a given month?
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