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Between 2014 and 2015, the quantity of cars produced and sold decreased by 20%. During the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3.
a) Compute the impact of the gasoline price increase on the demand for cars.
b) Compute the price elasticity of demand for cars during this period.
Some believe that the federal government has much influence on the country's economy when implementing fiscal and monetary policies. Do you agree that this is true? Why?
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces, and it faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses ..
a explain in words how and why the income sensitivity of the demand for real balances affect the slope of the lm curve.
Suppose we start at a position where we are at full employment. Explain what effect a contractiory fiscal policy would have on the price level and real GDP starting from full employment equilibrium. What would the effect be if we had and expansionary..
Draw a graph with pages of economics on the horizontal axis and pages of political science on the vertical axis. On this graph, show the possibilities that are consistent with the constraints that Felicity has imposed on herself. (She is allowed t..
Students will then apply the elasticity concept to determine how the price elasticity of demand for the firm's goods or services would be categorized, and they will examine what that suggests for the firm's ability to increase or decrease prices.
Draw a indifference curve and degree of substition betweem goods: When the two goods are imperfect substitudes for each other, and assuming diminshing marginal rate of substitution.
Assume that the pure expectations theory for the term structure of interest rates holds, no liquidity or maturity premium exists, and the bonds are equally risky.
A monopolist with a marginal cost of MC = 5 + 10Q experiences a change in market conditions. The inverse demand curves rotate from P = 40 - 5Q to P = 47 - 2Q. What happens to the profit-maximizing price following the rotation of the demand curve?
How would you allow people to maintain the privacy of their medical and financial records, while making it possible for companies to advertise products that are interesting and useful to consumers? Where would you draw the dividing line between wh..
Assume that your first salary coming out of UCLA is $63,000, that your boss gives you a promotion every year of 2%. Assuming that the interest rate is 6%, how much would your human capital be worth if you were able to live forever?
The market of laptops is given then take the range of values for the price from $1 to $30 and calculate corresponding demand and supply quantities.
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