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Econ 203 Mid-term Workforce Assessment: Shocks in the Market for Gas
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this assessment, you will demonstrate your ability to analyze the effects of several "shocks" on the market for gas at service stations.
Carbon tax: Suppose the government imposes a carbon tax on oil production.
one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month. On a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis.
What is the difference between a common resource and a public resource?
What is the difference between customer satisfaction and customer loyalty? Why is it important to distinguish between these two concepts?
Why use ANOVA when you could just run many sets of t-tests? [Think about practical considerations, as well as statistical considerations.]
Provide one example each of a workforce scheduling, a blending, and a logistics linear optimization problem not discussed in the textbook. What is being optimized in each of your examples and why?
Constant returns to scale occur when. Total fixed costs
The short-run price elasticity of demand for tires is 0.90. The mid-point formula was used for this calculation. The price elasticity of demand for gizmos is known to be 1.0 (in absolute value). Mark is selleing gourmet apples at a price of $2 per po..
You test a new drug to reduce blood pressure. A group of 15 patients with high blood pressure report the following systolic pressures (measured in mm Hg):
What type of economy is an economic system in which private businesses can operate freely with minimal state control?
If there is an autonomous increase in spending (a rightward shift in the aggregate demand curve) and the Fed wishes to hold real income constant, then the Fed would:
After reviewing this module's resources, compare and contrast Rory Sutherland's concept of "frame of reference"
It is planned to leave $2,500 on deposit in a savings account for 15 years at 6.5% interest. It became necessary to withdraw $750 at the end of the 5th year. How much will be on deposit at the end of the 15thyear?
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