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Q. Assume that the price elasticity of demand for cigarettes is .46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .5 and the cross price elasticity of demand between cigarettes and alcohol is -0.70. Assume also that the price of cigarettes, the income of consumers, and the price of alcohol all increased by 10%. Compute how more the cigarettes will change a) in the short term run b) in the long - term run.
Suppose we only use labor in a production run. How do we determine the optimal level of labor input in the short run? In other words what condition must be met
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
Explain why monopolistically competitive firms frequently prefer nonprice competition to price competition.
For each values for the MPC, determine the size of the simple spending multiplier and the total change in real GDP demanded following a $10 billion decrease.
The vertical long run AS curve compatible with classical economics implies that AD only determines the price level
The demand for bread will fall if more Americans go on a low diet. The cost of bread will fall due to the decrease in the demand for bread.
Explain what were the problems with this corporation from an organizational architecture point of view.
Use the characteristics/features of the different market structure to determine which market structure to classify your chosen firm.
Under very high rates of inflation, why would people prefer to use a barter system to buy goods, rather than use paper money.
What do you think the sign and magnitude of the Cross-Price Elasticity of Demand would be between premium juices and soda.
In an effort to provide tax relief for households while still balancing the budget, Congress votes to raise business taxes and decrease personal taxes.
A consumer must pay $10 per visit to an amusement park for the first five visits but only $5 per visit beyond five visits. What does the budget.
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