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What do we call a method for determining the number of years it will take for some measure to double, given its annual percentage increase (Divide 70 by annual rate of inflation to get the number of years it will take price level to double)?
a. Assume that your inverse demand equation from Assignment 1 is written as: P = 560 - 0.024Q. Then, the marginal revenue (MR) equation for this demand equation will become: MR = 560 - 0.048Q.
What total utility will you realize? Assume that, other things remaining unchanged, the price of X falls to $1.00. What quantities of X and Y will you now purchase?
Calculate the own price elasticity of demand and interpret your answer. Calculate the cross price elasticity and interpret your answer. Calculate the income elasticity and interpret your answer.
The baker uses the flour to make bread & sells the bread to households for RS. 6.00. The households eat the bread. What is the value added in each stages of production?
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
1 why have economic analyses of clinical and administrative innovations become more important?2 a clinic finds that by
Federal budget and relate it to standards of living in an exploration of fiscal policy. You are asked to post and defend your view on whether fiscal policy should be expansionary, contractionary, or neutral right now.
calculate the equilibrium number of visits, and total expenditures. b) Suppose that the consumer purchases an insurance policy that allows her to pay a 25% coinsurance rate. Calculate the new equilibrium number of visits and the total expenditures..
Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?
Rachel utility function is given by U= I 1/2 , where I represents annual income in thousands of dollars. Assume Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
as an employee of the world bank you have been asked to research one economic concern in a south american country and
You observe that output is above full-employment output. Politicians are discussing about the possible reasons. One party claims that this is due to a drop in world oil prices.
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