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Crude oil can be refined into home heating oil or gasoline. If there is an unusually warm winter, what will happen to the market for gasoline? Illustrate your answer with a supply and demand graph for the gasoline market. (Hint: drawing a supply and demand graph for the heating oil market will be helpful.)
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
What are the commonalities of mental health services and long-term care? What are the challenges both areas of care continue to face today and in the future?
Determine the depletion charges using the percentage depletion method for the first year only for a coal mine. The applicable rate for the percentage depletion method is 10%. Cost to acquire mine rights = $50,000
The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Consider the multiple regression model with three independent variables, under the classical linear model assumptions MLR.1 through MLR.6: Let ˆ1 and ˆ2 denote the OLS estimators of 1 and 2. Find Var(ˆ1 3ˆ2) in terms of the variances of ˆ1 and ˆ2 and..
To what extent are today’s trade debates such as the Trans-Pacific Partnership similar to or different from the mercantilists’ focus on maximizing exports and limiting imports?
Assume a perfectly competitive firm's short-run cost is TC = 120 + 160Q + 3Q2. If the market price is $196, what should it do. Elucidate your answer, if continue then explain how much is to produce; state profit level in each decision it makes.
What is the bank instability problem. Understand the Bryant and Diamond models of bank runs. I want you to understand the quantitative logic of the problem. Memorizing formulas is not the point here. Be able to understand how my decision about whethe..
What were some continuities and changes in American foreign policy between 1865 and 1945? And how did domestic affairs influence changes in American foreign policy towards areas like Latin American, Europe and East Asia?
Research one case of trade restriction, implemented by any nation. Research your topic, using at least 2 sources, and write a brief report (approximately 2 pages) on your findings.
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
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