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Consider the market for a natural resource, where the price is initially $20,000 per ton and 10,000 thousand tons are supplied.
Suppose the price of the resource falls to $19,500 per ton, at which price the market supplies 8,000 thousand tons.
What is the price elasticity of supply between these prices?
Using the midpoint formula, the price elasticity of supply is ____. (Enter your response as a real number rounded to two decimal places.)
As? such, supply is (unit elastic, elastic, or inelastic) ______________.
Which of the following situations is likely to involve adverse selection?
There are four shoppers in a store--A, B, C and D--who sequentially show up at two checkout lines: line number 1 and line number 2. Initially, both checkout lines are empty. A shows up first, sees which line Amy entered, and chooses between the two l..
Show that for 3k/4 > f > k/4 a monopolist would provide products at both end points but the efficient solution is for a single product. Explain why the monopolist has excessive incentives to introduce the second product.
Illustrate and explain using a diagram, the difference between the Keynesian and monetarist views on how changes in interest rates affect changes in aggregate demand.
In the table below are cost and demand data for a monopolist.
What is the Federal Reserve (Fed) all about? Which Federal Reserve District Bank is closest to you? Who is the current Chairman of the Fed? Should the Fed remain independent from political authority or should the President and Congress have a say in ..
Suppose that Chinese manufacturers develop the ability to build a good car that costs only $5,000. They start shipping it to the U.S. For each of the following groups, say whether they are likely to win, lose or not be affected much by the Chinese..
The LIBOR zero curve is flat at 5% (continuously compounded) out to 1.5 years. Swap rates for 2- and 3-year semiannual pay swaps are 5.4% and 5.6%, respectively. Estimate the LIBOR zero rates for maturities of 2.0, 2.5, and 3.0 years. (Assume that th..
Explain the pros and cons of introducing an urban growth boundary. In your answer be sure to make clear the objective of such a boundary and its likely ramifications. Do you support the introduction of such a boundary in the Chicago urbanized area? D..
European vacations are getting cheaper than they have been in years. With the dollar gaining 14.6 percent on the euro and 12.1 percent on the British pound over the past 12 months, large numbers of U.S. tourists are already booking vacations to Europ..
In case of a Giffen good, income effect dominates substitution effect. All the points along the demand curve share the same elasticity. The marginal cost curve passes through the minimum point of the average fixed cost curve.
What are the potential long term problems for unions in agreeing to labor-management cooperation programs?
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