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Q1. Used music CDs rise in price from $7 to $8, and total revenue falls from $700 to $640.• a. Is the demand curve over this range elastic or inelastic? Why?• b. Using the midpoint formula, what is the value of the elasticity of demand over this range?
Q2. Suppose that increased international trade makes product markets more competitivein U.S., would we expect to observe an upward slope on the WS curve or the PS curve , or would it be a downward shift?
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Gains from trade will result if a country specializes.
Describe the Schumpeterian notion of "creative destruction"
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
Determine the cost to the government of buying firms unsold units
Distinguish between the resources market and the product market in the circular flow model.
Show how the transaction would have been recorded in the German balance of payments accounts. What was the net effect on the German balance of payments.
Listing different orderings and coalitions is not going to work for this problem because there are too many possibilities, excluding you can use different tools which we have discussed in class.
If the company has not paid dividends, discuss why think the company is not paying dividends or whether they should consider adopting a dividend policy.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
What if the pollution invades Baker's home and harms her health
Challenge of any merger that raises the HHI by 100+ points in a market where the HHI is above 1800 before the merger.
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