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Price elasticity of demand (midpoint method) for cigarettes
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 20%, by how much should it increase the price? What is the new price? Use the midpoint method in your calculations.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
Different races now or likely to be in workforce of the future depends on the US populations racial demographic changes.
Illustrate what relative amounts of capital and labor will be employed to maximize output.
Explain how does classical economics elucidate its confidence in the ability of natural forces to return the economy to its potential level of real GDP?
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
With an expanded strategic analysis of your organization it is time to turn to your workers and understand their views.
The absolute value of coefficient of the price elasticity of demand.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
Write down an equations for total revenue and marginal revenue.
A perfectly competitive firm should hire an additional worker only if the employee 's marginal revenue product is less than the wage rate.
What government officials increase the price of parking ticket from $40 to $50; they are surprised that their revenue actually falls. What happened?
A no of empirical studies of automobile demand yielded the subsiquent estimates of income and price elasticities
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