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A recent study determined the following elasticities for Volkswagen Beetles:
Price elasticity of demand = 2
Income elasticity of demand = 1.5
The supply of Beetles is elastic. Based on this information, are the following statements true or false? Explain your reasoning.
a. A 10% increase in the price of a Beetle will reduce the quantity demanded by 20%.
b. An increase in consumer income will increase the price and quantity of Beetles sold. Since price elasticity of demand is greater than 1, total revenue will go down.
Defective units that go undetected into final assemblies cost $22 each to replace. An inspection process, which would detect and remove all defectives, can be established to test se units.
A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find out that consumers won't buy it because they don't like the taste. From an economic prespective, the company should?
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Explain an economy is initially in equilibrium at the natural level. The central bank increases the money supply.
The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Illustrate what effect will this have on its optimal price.
How does the Federal Reserve lower interest rates, and explain why it wants to keep them low at the present time?
The university bookstores received 4 million euros from students in exchange for the books. Illustrate what is the total contribution to GDP from the above events.
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If planned aggregate expenditure (PAE) in an economy equals 2,000 + 0.48Y and potential output (Y*) equals 4,000, then this economy.
According to a study of US cigarette sales between 1955 and 1985, when the price of cigarettes was 1% higher, consumption would be 0.4% lower in the short run and 0.75% lower in the long run (Becker et al., 1994).
q.hana takes two examinations. her overall grade for the course will be the maximum of her scores on the two
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