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The price elasticity of demand for natural gas is -1.2, and the price elasticity of supply for natural gas is 0.6. If the government imposes a ceiling price for natural gas that is 10 percent below the equilibrium price, the result will be a shortage equal to ___ percent of the equilibrium quantity?
Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm chooses to hold costs C at $50.
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Who has the comparative advantage in the production of shirts? What about for computers?
Discuss two fiscal policy measures taken by the government that attempted to minimize the recession and provide for economic stabilization when the the economy apparently was heading for recession in 2007.
Describe the free trade equilibrium. Then compute and graph the following effects of an import quota that limits imports to 100 bags.
Consider the market for minivans is at equilibrium. Determine, using the supply and demand model, how the following events might affect the equilibrium price and quantity for minivans. Explain why fully. Consider each separately.
What is the current minimum wage in IL and based on research what possible implications would an increase in the minimum wage post to the state of IL? Based on research and critical analysis what is the root cause of the great minimum wage increase d..
Construct a market basket using a graph. calculate the price index based on the basket. Decide quantity and estimate current prices for each product.
Compare and contrast two events motivated by incentives, one where the self-interested behavior was good for society and the other where it was bad.
What resources are combined by firms to produce goods and resources?
Identify also Talk about an industry or a marketplace segment companies were the "wrong" size for the long term.
A risk neutral monopoly must set output before it knows for sure the market price. There is a 50% chance the firm’s demand curve will be P=20-Q and there is a 50% chance it will be P=40-Q. The marginal cost of the firm is MC=Q. The expected profit-ma..
Cost-push inflation occurs because
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