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Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30, and the short run supply elasticity is 0.5. The government is considering a tax on almonds. What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.
In our treatment of the Ricardian model We have focused on the case of trade involving only two nations. Assume that there are many nations capable of producing two goods
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
Speedy delivery is the package carrier which serves the Midwest It specializes in the delivery of auto parts to independent auto repair shops. It competes against very large firms like FedEx, UPS, and US Postal.
Show the country's production possibility curve.
What is your monthly loan payment? What is your yearly loan payment and what is your yearly depreciation? What is the book value of the property at the end of ten years?
Assume that the government proposes to cut taxes while maintaining current level of government expenditures. To finance this deficit, it may either
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it.
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