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Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30, and the short run supply elasticity is 0.5. The government is considering a tax on almonds. What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.
During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units. Calculate the cross elastici..
Class, Hurricane Katrina's effect on the Gulf Coast was tragic for that area and for the entire United States of America. Many lives were lost and the true cost to society of the loss of human lives is immeasurable. The cost to the economy, however, ..
Explain the causes of recent recession and when it started and when it technically ended. Finally why the recent recession was called the worst recession after the great depression.
Identify an organization in that industry. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives.
Monopolies are price makers and as such should be able to set price where they will make a profit. Is this statement true? Why or why not?
When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of r..
create a flowchart by describing how money flows from the US Federal Reserve to the individual consumer and back to the government by illustrating the various ways money is distributed through financial institutions..
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
question 1. how does a company in perfect competition choose the capital k and labour l requirements in the long-run?
1) Name a good with a negative externality. What is the external cost? Will a free market for this good provide too much or too little to be allocatively? how can the government ensure an optimal amount to the good is produced?
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
HAVE THESE RATES INCREASED OR DECREASED SINCE THE SAME WEEK IN 2008? (FOR EXAMPLE, IF YOU ARE DOING THIS ASSIGNMENT ON AUGUST 18, USE THE RATE FOR THE WEEK INCLUDING AUGUST 18, 2008.)
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