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In the last month, the price of gasoline increased by 20 percent. Your job is to determine what caused the increase in price: a change in demand or a change in supply. Ms. Info has all the numbers associated with the gasoline market, and she can answer a single factual question. (She cannot answer the question "Was the higher price caused by change in demand or a change in supply?")
a. What single question would you ask?
b. Provide an answer to your question that implies that the higher price was caused by a change in demand. Illustrate with a complete graph.
c. Provide an answer to your question that implies that the higher price was caused by a change in supply.
Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.
Evaluate the "Accuracy" of the forecast for the "hold out period" using RMSE and MAPE error measures used from forecast period residuals and comment them.
A company consists of two kinds of employees, tall and short. Each person can work in either of two jobs, honest work or stealing from the company. The wage to honest work for a short person is wS, while the wage for a tall person is wT.
Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage?
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
When trying to reduce the degree of inefficiency from an open-access fishery, would a regulation that increases the marginal cost of fishing effort by banning certain types of gear or a tax on effort be equally efficient.
the oil price schok of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result, that coal companiesearned pure economic profits. Since coal is homogenous good and the market is competitive , what ha..
Some states are required to balance their budgets. Is this measure stabilizing or destabilizing Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on th..
In 2007 and 2008 the Federal Reserve Open Market Committee voted to lower interest rates repeatedly. Please explain: a) why the Fed would do this, b) how the Fed would do this,c) Possible consequences on the economy of the Fed's actions.
suppose a massive unmanned spaceship were to crash in the US instantly increasing the capital stock substantially. Describe using the Solow Model, what would happen to the capital stock, and to output over time. Be sure to include graphs of bothe ..
If a country is currently producing 11 units of health care and 16 units of education. what is the opportunity cost of producing 5 more units of education?
Suppose a drug developer just received a patent on a new chemical compound, which could be used in developing a new drug to control cholesterol. The developer knows (with certainty) that it could successfully develop the compound into a safe
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