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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.
Many people believe that using plant-derived fuels or biofuels to power combustion engines is a relatively new and innovative concept.
Explain how the economy can adjust in the long run to restore full-employment equilibrium. Draw a graph to illustrate this adjustment process.
Describe how many days before the due date the cesarean section should be carried out so that there is no more than a 10 percent chance that the woman will go into labor before that date.
What is the expected impact of fall the business confidence. Explain with suitable diagram. Will monetary policy help to increase the investment by private sector in the presence of fall in the business policy.
Explain the concepts of scarcity also choice also elucidate how they function in economic system.
Illustrate what is the industry's profit maximizing output level. Is the organization in long-run equilibrium.
q.the new york times reported that the inability of opec to agree last week to cut production has sent the oil market
How would you characterize the competition (market structure) in the restaurant industry? Are there submarkets? If so, do these submarkets have distinct competitive pressures? How may a restaurant maximize profits?
Calculate the tax incidence of the buyers and the monopolist.
Illustrate what are the real income also interest rate elasticities of real cash balances
Is there a surplus or deficit in the government budget at the equilibrium level of income.
Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.
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