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In anticipation of a major hurricane hitting the Gulf Coast, the quantity gasoline of sales rise from 360 million gallons to 375 million gallons. Based on this information, what is the percent change in gasoline sales? Please specify your answer to one decimal place and use the midpoint formula.
A firm that has the long-run cost curves shown in the graph above would be able to do or have the following, except:
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2 . The turnover cost per labor is (0.36)/(w/p). Find real wage, employment, outp..
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lion fish for human consumption. However, a fishing license is required to fish in most southern states
Why are deposit-type intermediaries able to create money? What factors increase the amount of deposits the banking system can create with any given injection of new reserves?
A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is. What is the number of units that should be produced and sold eac..
What effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects on the equilibrium price level and the level of real output. Assume all other things remain constant.
Is this projected outcome consistent with the law of demand? What is the price elasticity of demand associated with this pricing decision? Should you increase the price?
Explain how many seats should be protected for full-fare passengers.
Using a wholesale price of $4 per case in each state, calculate the breakeven output quantities for each alternative.
A tax placed on buyers of airline tickets shifts the
Two different brands of milk are randomly samples, and the fat content in each bottle of mild is determined. Twenty six bottles of Brand A yielded an average fat content of 26 grams with a standard deviation of 5 grams, and 31 bottles of Brand B yiel..
Discuss the following statement: In the real world there is no industry which conforms precisely to the economist’s model of perfect competition. This means that the model is of little practical value’. Illustrate with a diagram and explain the short..
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