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Suppose that Rob consumes V_0 doctor visits each year at a price of P_0. If the price elasticity of demand for doctor visits is -0.25, what will happen to the number of visits Rob consumes if the price increases by 5%? What will happen to his total expenditures on doctor visits (just the direction, do not need to calculate the exact change in dollars)? What does this say about his demand for doctor visits (e.g. elastic, inelastic)?
Two power plants are currently emitting 8,000 tons of pollution each (for a total of 16,000 tons). Pollution reduction costs for Plant 1 are given by MCR 1 = 0.02 Q and for Plant 2 by MCR 2 = 0.03 Q , where Q represents the number of tons of pollutio..
An in-kind transfer is a subsidy A. Of a specific consumption good. B. Repaid by services rather than income. C. Motivated by kindness rather than paternalism in the sense that the subsidized good is not a merit good. D. Organized through the governm..
Explain short-run and long-run effects on the US GDP and the price level for the following events. Assume that policymakers take no action.
The traditional U.S. auto industry (the Big Three) has struggled for many years against competition from foreign-owned automobile companies. Their struggle was dramatically heightened in 2008 with the world-wide credit crunch and economic slowdown. A..
Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series. How would you go about making this assessment? In what sense is this assessment ..
Describe the options at the disposal of the government to finance a fiscal deficit. What are the relative advantages and disadvantages of each option?
q1. what is the rationale behind the mini-max regret rule? illustrate several less formal and precise methods of
Alfred, Beth, and Charles orally agreed to start ABC Computers (“ABC”), a business to manufacture and sell computers. Alfred contributed $100,000 to ABC, stating to Beth and Charles that he wanted to limit his liability to that amount. ABC opened and..
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. Now, assume you have acquired some time series data that would enable you to make forecasts. Ascertain the quantitati..
What would be the value of consumer surplus if the market were perfectly competitive? What is the value of the deadweight loss when the market is a monopoly?
1.in march 2002 american airlines implicitly increased the price for low-priced business tickets. competitors did not
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