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In 2007, the price of gasoline in Canada was higher than it had been in 2006. Also in 2007, more gasoline was purchased in Canada than had been in 2006. According to the law of demand, higher prices cause lower quantities demanded, not higher. Use graphs to explain three potential reasons what might have happened to bring about a higher price and a higher quantity sold in 2007 than in 2006 if the supply and demand curves had their normal shapes.
Leaders of a small town are tired of looking at a vacant and dilapidated warehouse that sits on a prime piece of real estate. The town finds an investor who purchases the warehouse and promises to renovate the old building and build condominiums.
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
A monopolist faces market demand given by P = 200 – Q. For this market, MR = 200 – 2Q and MC = 3Q. What quantity of output will the monopolist produce in order to maximize profits?
Big Steel Corp. is a price leader in the local steel market. The other, smaller manufacturers set their price based on that established by Big Steel. Discuss how Big Steel should use the information on the supply of steel by other, smaller competi..
Characterize the long run equilibrium of a perfectly competitive industry in which average costs are U-shaped as output increases, under both restricted and free entry.
Is there any difference between the two approaches of the Keynesian theory and the new Keynesian theory in terms of short run implications?
If a firm had everywhere increasing returns to scale, what would happen to its profits if prices remained fixed and if it doubled its scale of operation?
The socio-economic shortcomings that China experienced
Your hospital is considering opening a satellite urgent care center about five miles from your main campus. You have been charged with gathering demographic information that might affect the demand for the center's services. What data are likely t..
Calculate the marginal revenue product for each add. unit of labor of output sell $3
1. The annual demand for an item is 10,000 units, each order costs $120 and the annual holding cost is 35 percent of unit cost. The unit cost depends on the quality ordered as follows:
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2
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