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Suppose that Chinese manufacturers develop the ability to build a good car that costs only $5,000. They start shipping it to the U.S. For each of the following groups, say whether they are likely to win, lose or not be affected much by the Chinese imported cars.
a. Low-income American families
b. High-income American families
c. U.S. autoworkers
d. U.S. auto companies
Explain why, when the price of good changes, the price elasticity of demand is likely to be higher or lower as a longer period of time elapses. Consider as an example the OPEC oil price increases in the 1970s.
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
You would like to save money to buy a new car that costs $10,000, but currently only have $8,000 and you know you won’t have any further excess savings to contribute more to it. You have available to you a fairly good savings account which pays conti..
The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011.
People buy insurance. The highest incidence of those without health insurance occurs in which age category? One result of asymmetric information in health insurance markets is
Why do some low-wage countries, such as China, pose a threat to manufacturers in industrial countries, such as the United States, whereas other low-wage countries, such as Haiti, do not?
What is the equilibrium Price and Quantity in the market? Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
What labor market changes are responsible for the relatively frequent mobility of employees into new jobs and low tenure – duration with one employer?
Anthony Antunicci, a Massachusetts lawyer, has tired of the long, cold New England winters. He recently spent three months in Florida where he took a Florida bar review course which enabled him to successfully pass the Florida bar exam. Can Anthony d..
Elucidate why a system of marketable pollution permits leads to less costly pollution abatement and a higher concentration of polluted areas than a command-and-control system.
If countries are first ranked by level or real GDP per capita, and then by the value of the Human Development Index, would you expect the ranking of countries to be similar or different?
Assume that candle wax is traded in a perfectly competitive market in which the demand curve captures buyer’s full willingness to pay while the supply curve reflects all production costs. Maximum willingness to pay exceeds minimum acceptable price:
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