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Studies indicate that the price elasticity of demand for cigarettes is about .4. If a pack of cigarettes currently costs $2, and the government wants to reduce smoking by 20 percent, by how much should it increase its price?
For ever of the situations, decide whether Al has increasing, constant, or diminishing marginal utility.
Demand for refrigerators is often explained as cyclical and very sensitive to refrigerator prices & interest rates. Given these characteristics, explain the effect of each of the following in terms of;
Plot the production possibilities frontier in Question 1 on a graph. Measure food along the horizontal axis and tractors along the vertical axis and plot the new production possibilities frontier
Examine the tools of fiscal policy also explain how they are used to reduce inflation or eliminate a recession.
Even in firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Explain. Will price be higher or lower under such an agreement in long-run equil..
The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1000 - 5Q.
The price of some stock today is $300. Assume that the stock's value in one year is a random variable X with the following probability distribution: P(x=400)=0.1; P(x=350)=0.4; P(x=300)=0.3; P(x=270)=0.2.
Much of the demand for U.S. agricultural output has come from other countries U.S. farmers are concerned about this drop in export demand.
you select to work more hours or fewer when offered a higher hourly salary.
After the firm's patent expires, predict the new market output and price. Assume that competing suppliers have the same economic costs as the original producer. Calculate the resulting change in consumer surplus.
Clearly explain how net foreign investment links the market for loanable funds and the market for foreign currency exchange. Make sure you define net foreign investment in your answer.
Suppose that a firm in a perfectly competitive industry has the following total cost schedule; Compute a marginal cost and an average cost schedule for the firm.
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