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Q1. In May 2011, the average price of gasoline in the United States was $3.76 per gallon and consumers bought 5 percent less gasoline than they had during May 2010, when the average price was $2.79 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from May 2010 to May 2011?
Q2. The demand for good X is given by Qdx=1200-0.5Px+0.25Py+0.1M. Research shows that the prices of related goods are given by Py=5900, while the average income of individuals consuming this product is M=50000, indicate whether good X and Y are substitutes or complements, Is X an inferior or a normal good? How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.
You complain that the current labor contract specifies a full hour for your lunch break and you still have over 15 minutes left.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
This would be ideal because he would have the same number of pretzels as he would soda leaving no money left to spend.
The vertical long run AS curve compatible with classical economics implies that AD only determines the price level
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.
Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
Do sibs have the expected effect. Explain. Holding medic and feduc fixed, by how much do sibs have to increase to reduce predicted years of education by one year.
Discuss industry concentration, demand and market conditions and the pricing behavior of Kodak in the 1990's. Do you think the industry environment is significantly different today.
If income rises from 1000 to 1800 and consumption rises from 1100 to 1700 the marginal propensity to save.
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
Calculate the constant debt-GDP ratio that the country can achieve if the country runs a primary budget deficit of 3%. Is this debt-GDP ratio stable.
Suppose that the only input used in the generation of solar energy is sunlight
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