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A consultant gives you the following equation, which represents the demand for new cars as a function of the price of cars, the price of gasoline, and GDP (i.e., income I) Qcars = (Pcars)2.4 (Pgasoline)-1.2 I2 a. What is the elasticity of demand for new cars with respect to the price of cars? Comment on and interpret your answer (i.e., the sign and magnitude of the elasticity).
b. What is the elasticity of demand for new cars with respect to the price of gasoline? Comment on and interpret your answer (i.e., the sign and magnitude of the elasticity).
c. What is the elasticity of demand with respect to income? Comment on and interpret your answer (i.e., the sign and magnitude of the elasticity).
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the price of goods will soon follow." How does this work?
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
What are some of the ethical dilemmas encountered by traders in their pursuit of profits for both their company and themselves?
Critics of the minimum wage discuss that as an antipoverty device it is "poorly targeted." By this they mean that:
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Suppose you are an Executive Chef at a private hotel on the beach in Florida, with sixty rooms; a banquet facility serving up to 175; a coffee bar in lounge, which also provide complimentary cold breakfast;
Plot the data on a scattergram with the S&P index on the vertical axis and CPI on the horizontal axis.What can you say about the relationship between the two indexes? What does economic theory have to say about this relationship?
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Explain how banks and individuals can use covered interest arbitrage to protect themselves when they make international financial investments.
What is the interrelationship between the four financial statements? Why is it important to make comparisons using ratio analysis? What are the different ways you can make comparisons?
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
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