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Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515, respectively. The current long-run equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year.
a. Derive the linear long-run demand and supply equations.
b. Would you expect the short-run demand and supply elasticities to differ from the long-run elasticities? Explain.
Given the nominal interest rate of 17?% and the expected inflation of 13?%, then the value of the real interest rate is ___ ? with the real interest rate equal to 3?% and the expected inflation equal to 4?%, then the value of the nominal interest rat..
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Provide one quote and its context for both a positive and normative statement. Explain your choices. Estimate the statement choices of your fellow students.
Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
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Discuss the role of a finance manager in an organization and lists out the remedies of over capitalization?
Suppose demand conditions in industries X and Y are identical but that productivity increases by 5% in industry X and 2% in industry Y. If economy-wide productivity and the average wage each rise by 3%, we should expect that:
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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The median household income in Louisiana is approximately $52,000 per year, while the median household income in Massachusetts is about $79,000. However, suppose the growth rate of per capita real GDP in Louisiana is higher than in Massachusetts (3% ..
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