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During a specific period of time, the average price of long-distance calls fell from $0.25 per minute to $0.15. As a result of the drop in price, average long-distance calling per person per month increased from 300 minutes to 400 minutes. Using the midpoint method, calculate (show your work) the price elasticity of demand for long-distance call.
Case Study - Technology and Economic Change and what are the causes of economic growth in potential output in the long-term? Apply the theory to illustrate and explain your answer with an example.
Using the debt-relief Laffer curve, make the case that debt relief can be in the best interest of both the developing and developed countries.
Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 16,500,000 – 300w, where w = annual wages, and E = number of employed workers.
A internet company has a fixed cost of $1,750,000 per month and a variable cost of $25 per month per subscriber. The company charges $45.95 per month to its internet customers. The company currently has 75,000 subscribers and proposes to raise its mo..
Loadstar Sensors is a company that makes load force sensors based on capacitive sensing technology. The company wants to have $47 million for a plant expansion 6 years from now.
Assume in this market all apartments are identical, so there is only one equilibrium rent. Show the rent as $800 per month.
Suppose the market of chocolates is unregulated. That is, chocolate prices go are free to adjust based on the forces of supply and demand. If an excess demand exists in the chocolate market, then the current price must be _____ (higher/lower) than th..
A presidential candidate has decided to enter primaries in those states in which at least 20% of voters support her. Random samples of 200 voters were taken in each of a number of states. In New Hampshire, 33 voters supported the candidate. Test at a..
What factors determine the sensitivity of net exports to the interest rate? Consider the cases where net exports are very sensitive to the interest rate and where they are very insensitive. Compare the effect that an increase in the money supply has ..
Your income last year accounts to $77,000.00 tax bracket are as follows :$0 - 20,000 pays 5% Above $20,000 to $50,000 pays 10% above $50,000 pays 15%. How much is your tax at the end of the year using 15% proportional income tax? How much is your tax..
Elucidate the concept of the multiplier, and explain the role of the marginal propensity to consume in determining the size of the multiplier.
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..
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