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Problem 1: Suppose that a 12 percent rise in the price of pancakes decreases the quantity of pancakes demanded by 22 percent and increases the quantity of waffles demanded by 14 percent. Calculate the:
a) Price elasticity of demand for pancakes.
b) Cross elasticity of demand for waffles with respect to the price of pancakes
Problem 3: Explain why each the following statements are true or false.
a) As the price of apples fall, demand for apples increases.
b) As income falls, demand for apples may increase or decrease.
c) Given a demand curve, the reason for a down-ward sloping demand curve is that as price goes down, more buyers enter the market.
d) When more suppliers enter the market, the supply curve shifts to the right.
Why is the stock market affected by predictions that the Federal Reserve will raise interest rates in the near future?
Explain how “Black Markets” impact economic actives: Please explain in detail and use a supply and demand graph for your examples
In their last half-century there have been three additional rounds of GATT/WTO negotiations. Discuss the achievements and failures of each of these rounds, and summarize.
q1. suppose that i make 15 per hour and you make 20 per hour and we both like to eat hamburgers that cost 5 each.
Will market of demand and supply for labour with no government interference lead to an efficient outcome? Will your program affect it? Why or why not. How well do you think a voluntary contribution scheme [paid for by companies] would work in fun..
Illustrate what is profit-maximizing level of price and quantity for this monopolist. Illustrate what will profits be at this price and output level.
Discuss the current state of the Chilean economy by focusing on the recent past and macroeconomic characteristics
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
In what sense does the Fed "create money"? Suppose that the minimum required reserve ratio for banks was 1/11. Also suppose that banks held no excess reserves and that currency in circulation was unchanged. What action in the Treasury bill market wou..
Analyze a market environment with tacit collusion, including deterrents from entry.2. Evaluate the profitability of entering the market.3. Examine how the time horizon affects the profitability of entering the market.
Show that a specific tax of $3.70/unit generates the same revenue as a 20% ad valorem tax
When stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public," and the market for such stock is called the new issue market.
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