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If the own price elasticity of demand is infinite in absolute value, then: demand is perfectly elastic. the demand curve is vertical. consumers do not respond at all to changes in price. the demand curve is vertical and consumers do not respond at all to changes in price.
A nation has a tax rate of 20% on the first $20,000 of taxable income, 30% on the next $30,000, 40% on the next $20,000 and then 50% on all taxable income above $70,000. Find the ATR of someone with a taxable income of $100,000. How much is a tax cre..
If the actual price in this market were below the equilibrium price, illustrate what would drive the market toward the equilibrium.
Provide reasons to explain what government would have to do to keep the unemployment rate at 3 percent."
For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. This offer is an unlimited offer, ..
An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0,1, or 2. If player i bids more than player j then i wins the good and pays his bid, while the loser does not pay. Now consider ..
What makes relative PPP a useful guide for predicting exchange rate movements over the long-run? Would this effect your incentive to cover your exchange rate risk? Explain
briefly explain the probable effects of the screenwriters’ wage increase on: Equilibrium price, equilibrium quantities, and total revenues in the movie and popcorn markets.
What are the pros and cons of the Economic Stimulus Bill (The American Recovery and reinvestment act of 2009). Provide your arguments and defence for a method to jump start the U.S. economy in a time of recession.
Currently in the US there is a demographic trend that has caused dramatic increases in the number of students attending universities¾the children of Baby Boomers have grown up and are ready for college. Campus housing is a fixed good (in the short ru..
An electricity industry contains two generating firms, one of which has marginal cost= $2.50 and the other of $1.50; the demand curve is Quanity=40-4*price. Quanities are in MWH and price are in $/Mwh. Very low production cost! Find cournot Equilibri..
What motivated Europeans to initiate and undertake perilous voyages of exploration and discovery from the late fifteenth century onward? How was this related to the growth of the European nation-states? Who was most successful in these endeavors?
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