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Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets.
What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why?
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
Why are these two concepts so imortant in urban planning? Explain what Woodrow Wilson (1887) meant when he claimed that politics and administration should be considered to exist separately from each other. How do the concepts of interconnectivenes..
USING A DEMAND AND SUPPLY DIAGRAM, ILLUSTRATE AND EXPLAIN THE NET WELFARE LOSS FROM IMPOSING SUCH A QUOTA. UNDER WHAT CIRCUMSTANCES WOULD THE NET WELFARE LOSS FROM AN IMPORT QUOTA EXCEED THE NET WELFARE LOSS FROM AN EQUIVALENT TARIFF
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
1. How does a current budget deficit affect future workers How could a policy by the current government to reduce the national debt hurt these future workers 2. Monetary and fiscal policies are said to have "lags." What are lags and why do they exi..
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
Marianne and Ellen want to form a corporation, Bridal Flowers Company, and thus retain the Bobbo Law Firm to prepare the articles of incorporation. Bobbo Law Firm files the articles of incorporation but Bobbo's paralegal forgot to have Marianne.
What can the company do to improve its overall compensation, benefits and professional development practices to enhance the staff's overall effectiveness in meeting the mission and needs of the company?
Substituting this value into the price elasticity of demand formula we obtain ∈=
Suppose that rather than the declining demand assumed in Example 2.7, a decrease in the cost of copper production causes the supply curve to shift to the right by 40 percent. How will the price of copper change?
Assume that the monopoly faces the inverse market demand function: What should be the monopoly's profit-maximizing output?
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
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