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Q1. The demand for tobacco is price inelastic. Assume there is a drought that destroys a large portion of the tobacco crop. Explain what happen in the marketplace for tobacco? Will the equilibrium quantity and price change? If so, clarify how? What will happen to the total revenue earned by tobacco farmers?
Q2. Imagine you are a director of a chemical company. An accident has occurred in which chemicals leaked in to the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the fact and possibly paying more in the future. Describe the impact on profitability in both situations.
Given that a central bank is deemed a necessity in a free market economy should we leave it as it is or place more legislative controls?
Calculate and interpret the own price, cross price, and income elasticity of demand.
Calculate the year in which income every capita in the United States was equal to year 2010 income every capita in India.
If the average adult produces $90,000 of output per year, how much output is lost as a result of adult deaths from secondhand smoke, according to the News on page 74?
Before output has had time to adjust, by how much is disposable income reduced. Compute the resulting change in consumption expenditure.
q. new manufacturing technologies are often viewed as labor saving in nature. using a production possibilities frontier
The assignment is to determine the same information on the "Demand for Gasoline" tab using the information in the example of the "Demand for Jet Fuel" tab. Unfortunately, I do not have Excel and cannot figure out how to solve this using Open Office.
The ABC Bank of Bermuda has outstanding checkable deposits of $300,000 also a reserve ratio of 10%. If it has excess reserves of $15,000, illustrate what is the size of the bank's actual reserves.
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
A county is considering using a piece of park land for one of two alternative recreation projects. Project S would require construction costs of $2 million (year 0) and generate net benefits of $1 million per year for 10 years.
Compute the year-to-year growth rates of real GDP. Can you identify the recession that occurred during this period?
Compute the point elasticity of demand at this TR-maximizing price also quantity. Does the elasticity have the expected value.
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