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In Late November, OPEC agreed to cut oil production. For simplicity, assume OPEC is the only supplier of crude oil and no other alternatives are avaiable.
A. In a supply and demand diagram for the market for crude oil, show the effects on price and quantity of oil as a result of this policy.
B. Illustrate, with a diagram of the AS-AD model, the effects of OPEC's policy on output and the price level in United States in the short-run. Predict what would happen to unemployment.
C. If the Fed wants to return output to its long-rune level, what should it do? What is the major drawback of this policy?
An author has signed a contract in which the publisher promises to pay her $10.000 plus 20 percent of gross receipts from the sale of her book. Suppose both publisher and author care only for their individual financial return on the project. Is it tr..
Explain how each of the following will affect the average fixed cost, average variable cost, average total cost, and marginal cost curves faced by a steel manufacturer.
when given 5 costs also quantities over 5 months also asked for the arc cost elasticity of demand.
If we were to have an episode of hyperinflation in the United States, what would be the effects? How would it affect your life, personally? What current U.S. political interest groups or parties would likely gain greater power as the result of hyperi..
Which of the following statements represents how consumers and workers react to socially responsible behavior by business? Why is a low level of inflation desirable in an economy, and why is deflation not desirable?
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Determine the price elasticity of demand if, in response to an increase in price of 25 percent, quantity demanded decreases by 55 percent. Is demand elastic or inelastic?
Suppose that hospital A’s output is measured by numbers of admissions and the market price for hospital admissions is regulated by the government. Assume that the regulated market price for an admission is $1500. Hospital A has no fixed costs, and th..
Various contemporary authors have “researched backwards” very simple foods such as salt, eggs, cod, milk, etc. to demonstrate their concerns about food production, the economy, and health in the US. In other words, these analysts have looked at how f..
Illustrate what are implications of computing a multiple regression when repressors are orthogonal. Illustrate what is significance of idempotent matrix.
The government wants to make Medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing Medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month ..
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