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1) The price elasticity of demand for gasoline is 0.5 and the price elasticity of supply for gasoline is 1.1. If demand rises by 25%, the price of gasoline will: Select one:
a. rise by 15.6%. b. fall by 15.6%. c. rise by 6.4%. d. fall by 6.4%.
2) The price elasticity of demand for wheat bread is 2.1 and the price elasticity of supply for wheat bread is 1.6. If demand falls by 20%, the price of wheat bread will: Select one:
a. rise by 5.41%. b. fall by 5.41%. c. rise by 18.5%. d. fall by 18.5%.
3) Good X and good Y are substitutes if the: Select one:
a. income elasticity of each is negative. b. income elasticity of each is positive. c. cross-price elasticity is negative. d. cross-price elasticity is positive
Which type of industries would make the most use of short-range forecasts? Which would make the most use of medium-range forecasts? Which would make the most use of long-range forecasts? Why?
Then suppose Income increases to 1261 and Pinputs increases to 144. Elucidate how large is the change in the equilibrium price.
An investment currently costs $30,000 if the current inflation rate is 3% and the effective annual return on investment is 8%. Approximately how long will it take the future value to reach $45,000?
As Vice President of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force ( from its current level of 60 national salespeople). You are considering hiring from 5 to 10 additional pe..
______An organization's shared values, beliefs, traditions, philosophies, rules, and role models for behavior represent its
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A firm scaled up its operation by increasing all inputs by 100%. If the firm experienced 150% increase in the output, the firm's long-run average cost exhibits:
A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M)..
What would happen to GDP if the government hired unemployed workers, who had been amount $TR ain unemployment benefits, as government employees and now paid them $TR to do nothing? Explain.
China's official reserve requirement ratio for most banks will be 20.5 percent after the latest increase takes effect (bank's reserve requirement ratio by a half percentage point, effective Thursday). What was the money multiplier in China? a) Before..
Nonmarket work includes time spent
Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to ma..
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