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If the price elasticity of demand for used cars priced between $4,000 and $6,000 is -1.2 (using the mid-point method), what will be the percent change in quantity demanded when the price of a used car falls from $6,000 to $4,000?
While grading a final exam, an economics professor discovers that two students have virtually identical answers. Illustrate which outcome do you expect.
Entrepreneurs see an opportunity where others see obstacles. A recession is a great example. Recession means unemployment, difficulty paying bills, fewer customers, home and business foreclosures, and cost cutting in different areas for individuals a..
Define and explain the difference between normal goods and inferior goods. Provide two real world examples of each good from your own personal or professional life.
When Bonnie increases the consumption of Good A and decrease the consumption of Good B, her marginal utility of...
Suppose you win a lottery, and your after-tax gain is $20,000 per year until you retire. As a result, you decide to work part time at 35 hours per week in your old job instead of the usual 40 hours per week. Calculate the annual income effect on hour..
A rural subdivision has several miles of roads that need a new surface treatment. One option is a gravel base and pavement with an initial cost of $500,000 that will last for 15 years and has an annual maintenance cost of $100/mile. Compute the numbe..
In an effort to avoid the adverse selection death spiral, a private health insurer offers two health insurance policies: one that is intended for those who are more likely to require expensive treatment (and therefore charges a higher premium) and on..
Currently oil prices are below their normal levels, but once the U.S. economy and the other economies around the world reach their steady state growth rates, oil prices will rise sharply. What happens to the inflation rate if the Fed tries to accommo..
Applying a constant-effort model of harvesting to the Lotka–Volterra equations (1), Before doing any mathematical analysis, think about the situation intuitively. How do you think the populations will change if the prey alone is harvested? if the pr..
By 1999, Clark Faucet Company had grown into the third largest supplier of faucets for both commercial and home use. Competition was fierce. Consumers would evaluate faucets on artistic design and quality. Clark Faucet Company did not spend a great d..
Many consumers like to eat their salsa with tortilla chips. In economics, these products are often reffered to as complements. What happens to the equilibrium price and quantity of salsa if the price of tortilla chips increases? Why?
Which of the following statements regarding a monopolist is false? The marginal revenue curve lies below the demand curve for the monopolist's output. Unlike a perfectly competitive firm, a monopolist faces little or no competition. The monopolist se..
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