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1. The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that:
A. Park goers are very responsive to price changes.B. The demand for park services is elastic.C. The percentage increase in fees will be greater than the percentage decrease in the number of park visitors.D. Demand is unitary elastic, and thus the number of visitors will NOT decrease.
2. If the price elasticity of DVD recorders is -0.325 and price increases 20%, what happens to the quantity of DVD recorders demanded?
A. Quantity decreases by 26%B. Quantity decreases by 6.5%C. Quantity increases by 15%D. Quantity increases by 21%
Assume an economy in which the reserve ratio is 15 percent, people hold 10 percent of their deposits in the form of cash, and there are no other leakages.
the size of the governments debt and the size of the budget deficit indicate potential problems for the economy.
Then the image of a company goes up as graduate students use theorganizations products." Does such action square with a company's objective of profit maximization
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The ability to create new products and process and to organize production to make goods and sevices available.
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ECP 2023, Spring 2014: With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
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