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The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent.
a. Will the quantity demanded on imported mineral water rise or fall, and by what percentage amount?
b. What is the percentage change in the total revenue after the tariff increases?
When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.
Consider a product market for a normal good. Suppose consumers' income increases. Explain what will happen to labor demand for firms in that market.
He starts this year with nothing in the bank and ends next year with nothing in the bank. Draw his budget constraint in E1 - E2 space.
What is this firms total cost function, average cost function, average variable cost function and marginal cost function.
Why are you taking this class. Explain. Did you read and understand syllabus requirements for this class. What is labour productivity.
Research where you would find the U.S. international trade policies and their history as they apply to various industries.
q.in 1958 the first pizza hut opened its doors back. it offered consumers one style of pizza its original thin crust
q.suppose the consumption of gold offers people a marginal utility that diminishes as that person consumes more gold.
Estimate aggregate consumer and producer surplus before quota. Estimate new consumer and producer surplus after quota.
The Wall Street Journal's experience after it increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about price elasticity.
the manager wins with a payoff of 20, and the auditor loses with a payoff of - 20 . If the actions don't match, the auditor wins with a payoff of 20, and the manager loses with a payoff of - 20. Diagram this game and comment on the equilibrium.
Suppose that a tax of $28 is levied on each item sold by a monopolist, and as a result, it decides to raise its price by exactly $28. Why might this decision be against its own best interest?
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