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In 1990, the U.S. government imposed a 10 percent tax on certain luxuries such as pleasure boats. Sales of pleasure boats fell by nearly 90 percent in southern Florida as prospective buyers bought boats in the Bahamas to avoid paying the tax. What does this imply about the size of the elasticity of demand?
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2.
Say that investment increases by 100 for each interest rate drop of 1 percent. Say also that the expenditures multiplier is 3. If the money multiplier is 5, and each 5-unit change in the money supply changes the interest rate by 1 percent, what op..
a) Fill in the missing items in the following table. I would suggest you complete the table, cut it out, and paste it (either electronically or physically) into your sheet you turn in. b) Find the profit maximizing quantity and profit for firm in ..
In the case of more elastic supply, is the deadweight loss larger or smaller?
What is the relative frequency of the first class? What is the cumulative frequency of the third class? The cumulative frequency for a class is 27. The cumulative frequency for the next (non-empty) class will be next class frequency minus 27.
where a > 1. In addition assume that the firms target own profit maximization, compete (simultaneously) in quantities and have marginal costs equal to c1 = c2 = c. Assume that 1 > c > or equal to 0. Describing the necessary mathematical steps, an..
a young engineer wishes to become a millionaire by the time he is 60 years old. he believes that by careful investment he can obtain a 15 percent rate of return. he plans to add a uniform sum of money to his investment program each year
The first operating expense was in July 2005, and the first replacement expense is in July 2009. If all money earns interest at 5% after the time of endowment, what amount would be available for capital replacements at the end of every fifth year ..
A friend of yours just bought a new spots car with a $5,000 down payment, and her $30,000 car loan is financed at an interest rate of 0.75% per month for 48 months. After 2 years, the "blue book" value of her vehicle in the used-car mark..
Consider Moe. He only buys apples and bananas with his income. Moe says he considers apples and bananas both inferior goods. Using the concept of income elasticity, precisely explain whether he is reasonably describing his preferences.
Find the solution to the firm's short-run cost-minimization problem when capital is fixed at a quantity of 5 units (i.e., K = 5), and w = 1 and r = 1. Derive the equation for the firm's short-run total cost curve as a function of quantity Q.
Give two examples of circumstances in which the auditor can rely on analytical procedures and two circumstances when reliance on analytical procedures would not be advisable.
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