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in 1977 Brazil was supplying about one third of the worlds coffee exports. When a frost wiped out about 75% of Brazils 1977 crop, the world price of coffee rose about 100%. What was the approximate price elasticity of demand for coffee? was the demand elastic or inelastic?
Explain how does price elasticity of demand for corn oil influence quantity-demanded of corn oil and Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
Who are the characters Assumed to represent. Illustrate what did they want.
Assume that the market wage rate is $150 per day. Illustrate what rule should leadbelly follow to hire the profit-maximizing amount of labor.
Can you detect any difficulties that the Federal Reserve System might encounter in implementing monetary policy.
critically estimate the theory and empirical evidence on the optimality criterion for choosing an exchange rate regime.
Illustrate wage would a monopoly union demand. Explain how many workers would be employed under the union contract.
Take into account the due dates. Prevent plagio. Late assignments have a penalty of two points. Submit assignments as attachment for easier correction.
Prevailing market cost is $15. Illustrate what will happen to number of industries in industry and to industry's output in long run.
Explain why do the Average Variable Cost curve and the Average Total Cost curve become closer as the quantity increases.
Illustrate what impact might such a reduction in purchases of U.S. treasury securities have on the cost of short- also long-term financing.
Why are Average Cost Curves U-shaped? Illustrate what is Law of Diminishing Returns. Discuss a company's two short run options.
Assume to the firms act independently as in the Cournot model. Determine the long run equilibrium output also selling price for each firm.
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