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You are responsible for running the Speedy Bus Company and have information about the elasticity of demand for bus travel: The own-price elasticity is -1.4 at the current price. A friend who works in the competing railway company also tells you that she has estimated the cross-price elasticity of train-travel demand with respect to the price of bus travel to be 1.7.
Why is an exporter that is to be paid in six months in a foreign currency worried about fluctuating foreign exchange rates?
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
How much have prices risen between 2000 and 2010? Compare the answers given by the Laspeyres and Passche price indexes.
Gail has purchased a relatively unknown Stradivarius violin with a value of $2,000,000 which she plans to play every day (and therefore must keep at home). Gail is risk-averse. She is concerned about the potential loss of the violin through fire
What is the appropriate balance between private and public (i.e., government) activity Think of a case where the government has intervened (or it was suggested that government intervene) in a previously private market
Suppose OPEC breaks apart and oil prices fall substantially. Initially, which curve shifts in the aggregate supply/aggregate demand model? In what direction does it shift? What happens to the price level and real ouput (GDP).
If the villagers together decided to achieve the allocation in part (b), what kinds of rules would the need to institute If they wanted everyone to benefit equally in the new system, what kind of tax and transfer system would they need
Elucidate why a decrease in aggregate demand results in a lower level of employment, given a fixed aggregate supply.
GDP is the total value of all final goods and services produced in within a country in a given year. Do you think the GDP is a good indicator of economic well-being. Illustrate what other factors do you think contribute to a good standard of living.
Describe the evolution of industrial production in the U.S. from 1790 to 1860. Use statistics to describe changes in production levels. Please include references.NO plagiarizing.Need references and there is no word count.
A firm can seek any combination of quality and price it chooses. Thus, it can go with a low quality-low price strategy or use one which combines high quality with a high price. Ideally, of course a high quality and a LOW price will be the most pow..
Compute nominal GDP in 1980, 1990, and 2000. Do you observe a trend in the data? Compute the growth rate of nominal GDP from 1980-1990 and 1990-2000. Using 1980 as the base year, compute real GDP in 1980, 1990, and 2000. Compute the growth rate of r..
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