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Assume that the demand for textbooks is perfectly elastic. How would a decrease in the supply of textbooks change the equilibrium price and quantity in the market? Assume that the supply curve is upward-sloping as usual.
A) Equilibrium price remains unchanged and equilibrium quantity decreases.
B) Equilibrium price increases and equilibrium quantity remains unchanged.
C) Equilibrium price increases and equilibrium quantity decreases.
D) Equilibrium price remains unchanged and equilibrium quantity increases.
During a ?ve-year period, the ticket sales of a city’s professional basketball team have increased 30 percent at the same time that average ticket prices have risen by 50 percent. Do these changes imply an upward-sloping demand curve? Explain.
Should one distinguish between economist’s descriptive statements, propositions, and predictions about the world, and their statements about what policies should be adopted?
Siva Nathaniel owns various plots of land in Fulton County, Georgia. He acquired the land at various times during the last 20 years. About every fourth year, Siva subdivides into lots one of the property he owns. He then has water, sewer, natural gas..
You own 2,200 shares of stock in Avondale Corporation. You will receive a $1.60 per share dividend in one year. In two years, Avondale will pay a liquidating dividend of $60 per share. The required return on Avondale stock is 20 percent. Ignoring tax..
Recently, the Obama administration proposed a $1.00 per unit (pack) excise tax on cigarettes (which would be imposed legally or statutorily on cigarettes sellers). Using (separate) competitive supply and demand diagrams of the cigarettes market caref..
Suppose quantity demanded for the good rises by 10 units at every possible price while at the same time quantity supplied falls by 5 units at every possible price (with the exception that quantity supplied cannot drop below zero units at any price..
A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $4,500. The marginal cost of producing the 101st unit of output is $300. Illustrate the total cost of producing 101 uni..
John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How mu..
Alexander and Vanessa Alexander and Vanessa benefit from scientific research. Alexander's marginal private benefit from such research is given by the equation P = 200 – Q, where Q refers to the amount of research undertaken and P is the price Alexand..
Almora, a developing open economy , is experiencing an economic boom since it discovered oil reserves off its coast two years ago. Robin claimed that the high rate of inflation following the boom has actually weakened the expansionary impact on the e..
By how much will the quantity of Federal funds have to change for the equilibrium to occur at the new target rate?
Widgets R Us uses a variety of different items to produce their world-class widgets. For each item listed, place it in the appropriate bin according to whether it would generate an implicit or explicit cost for the firm.
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