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What is the terms-of-trade effect of growth? What is the wealth effect of growth? How can we measure the change in the welfare of the nation as a result of growth and trade when the nation is too small to affect relative commodity prices? When the nation is large enough to affect relative commodity prices?
What is the value of your income elasticity of demand for eggs? Are eggs normal or inferior good to you?
Explain how the market system provides a strong incentive for technological advance and creative destruction. Within your answer, provide 3 virtues of the market system. How does the circular flow model fit into this discussion. Please be specific..
assuming elasticity is linear and a plan flight holds 310 seats a load factor of 70 mean 70% of the seats are filled. a load factor of 72 means 72% of the seats are filled. what price would it take to fill all the seats.
)TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base, TLC..
Suppose Always There Wireless serves 100 high-high demand wireless consumers, each of whose monthly demand curve for minutes of wireless service is and 300 low-demand consumers, each of whose monthly demand curve for minutes
In U.S. data, how sensitive isthe demand for money to changes in nominal interest rates? Whatare the consequences of an increase in the money supply on output and the pricelevel? Does your answer depend on where the economy starts (whether it is inl..
She estimates that the total cost of operating the office is approximately $48,000 per year. The potential revenue is estimated as $100,000 per year. Compute accounting cost, accounting profit, conomic cost, and economic profit.
Derive the equilibrium price ratio of the contingent claims contract for this economy. What assumption did we make in this problem that was key to the result you obtained in la) and lb)? Explain.
A firm faces the following average revenue (demand) curve: P = 120 - 0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 60Q + 25,000.
Consider two firms X and Y produce identically tasting cold drinks. In order to increase the demand for its cold drink, firm X increases its advertisement outlay. However the advertising doesn't increase its demand in the long run.
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off. Which person has comparative ..
(b) At what output and price will the firm maximize total profit (c) Compare the maximum profit obtainable with the profit that the firm would have if it chose a revenue-maximizing strategy.
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