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1. When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000. What is the price elasticity of supply?
2. When the price of wheat rises from $2.34 to $2.46, some farmers switch crops, and the amount of barley offered on the market falls from 101 million bushels to 99 million. What is the cross elasticity of supply?
3. When the wage rate rose from $6.25 and hour to $6.75 and hour, employment in Fastfood, Inc. fell from 5,100 to 4,900. What is the price elasticity of demand for labor?
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Assume Winter Sports a hypothetical French retailer of snowboards needs to order 5,000 snowboards made in the United States.
Assume that the MPC is 0.85 and that the Government is considering to boost the economy to increase real GDP by $2 trillion for the 2008 general elections.
The World Bank is currently advising newly industrialized nations on how to increase growth and they have asked for your help.
A lawyer who runs a beat up car also wears frumpy clothes may have a hard time getting clients. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Alan and Brian work at a baseball and softball manufacturing plant. Alan can produce either 10 baseballs or 4 softballs in an hour. Brian can produce either 8 baseballs or 2 softballs in an hour. What is the hawala network?
Show graphically the amount of the change that is due to the substitution effect and the amount of the change that is due to the income effect.
If average variable price are assumed to remain constant over a 10 percent increase in output, evaluate the effects of the proposed price cut on total profits.
As what will happen if the marketplace is characterized by sticky wages.
Explain how the concepts of total utility, marginal utility, and utility maximization.
Comprising an evaluation of the impact of past and current fiscal policies, monetary policies, budget deficits or surpluses on the economy and on the airline industry industry.
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