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At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline reduces by 2.00%. By the end of this year, the price of gasoline is expected to increase by 40 cents from $2.80 per gallon. Based on this information, what is the expected demand for gasoline at the end of this year? Please specify your answer to one decimal place.
Should poorer 1rd World nations refuse "models based on economic laws" of universal validity and there are no universal laws. Describe if you agree.
Describe the opportunities that might be available through better use of information technology (IT) in the U.S. health care system. What might explain the system's failure to better capitalize on these opportunities
Manger wants to lower the costs of production, the manager should use an equal number of workers and machines
If a firm maximizes profit. It must minimize the cost of producing the profit-maximizing output.
Suppose changes in bank regulations expand the availability of credit cards so that people need to hold less cash.a. How does this event affect the demand for money?
Vaccination schedules are predictable, meaning insurance coverage for vaccinations does not protect consumers against risks. Insurance coverage for vaccinations drives up costs because more people get vaccinated if coverage is available and becaus..
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month.
determine optimal consumer buying decisions in the context of utility theory. compare and contrast optimal pricising and output decisions in various market structures. apply supply and demand theory to both prodcut and factor markets.
Using concepts we have discussed in class, discuss the effect of having a minimum wage. The minimum wage raises workers’ wage above the equilibrium wage.
Calculate the profit for that level of output, as well as the level of output immediately above and below it and what level of output will this firm operate at in order to maximize its revenues or minimize its losses?
Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceles..
Why did the budget deficits rise sharply in 1991 and 1992 what explains the ;arge budget surpluses of the late 1900s and early 2000s What caused the swing from the budget surpluses to the series of budget deficits beginning in 2002
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