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Assuming: Price is $80 demand and total supply is 32, OPEC supply is 13 and Non-OPEC supply is 19. Short run world demand Price elasticity is -0.5, long run is -0.30. The short run OPEC price elasticity is .05 and the long run is 0.30. What is the long run demand and the long run non-OPEC supply?
Suppose the U.S. government encouraged new teachers to take jobs in under-performing schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that A) people are rational. B) people respond to economic..
Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indicate the profit as an area on your diagram. Show the deadweight loss.
Explain how foreign exchange rates are determined. How do changes in interest rates, inflation, productivity, and income affect exchange rates?
When Betsy goes to make her list for tomorrow she is upset that she didn't get everything done. In a well-written paragraph explain the economics behind her inability.
A perfectly competitive external market for the intermediate product exists, and an imperfectly competitive external market for the intermediate product exists.
Which of the following is an example of a Federal Reserve operating target?
How would an economist respond to the opinions expressed in this documentary? What aspects of the current food system would an economist view as a positive development?
Explain in words and in diagrams how a tax on high-skilled labor burdens low- skilled workers. Which of the following taxes do you think would cause the larger excess burden? In one or two sentences explain why?
Define ex,I and ey,I to be income elasticities for goods x and y. Define sx and sy to be income shares for x and y.
Elucidate the concept of the multiplier, and explain the role of the marginal propensity to consume in determining the size of the multiplier.
1. financial markets make it possible for those who have saved money to earn a reward by providingthe financing
How does this alter the isocost and isoquant graph? Given these forecasts, where should you expand production?
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