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1. Given the elasticities in question 2. and assuming that higher gasoline taxes would not shift either the SUV supply curve or the hybrid supply curve,
a. explain how higher gasoline taxes would affect the equilibrium price and quantity of SUVs.b. explain how higher gasoline taxes would affect the equilibrium price and quantity hybrids. Use supply and demand curves to illustrate your answers.
4. Given your answer to question 3., how would higher gasoline taxes affect the price of SUVs relative to hybrids? Explain.
5. Using your answer to question 4., explain why an automaker whose production possibilities frontier (PPF) exhibits constant opportunity cost would stop producing SUVs and completely specialize in the production of hybrids.
6. Using your answer to question 4., explain why an automaker whose production possibilities frontier (PPF) exhibits increasing opportunity cost would produce more hybrids and fewer SUVs, but would not completely specialize.
The president of a small industry has been complaining to his controller about rising labor and material costs.
Draw an AS/AD diagram which shows what happens if strong growth in AD has pushed actual RGDP to a level above potential (full employment) RGDP.
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
Consider a market where supply and demand are given by QXS = -14 + PX and QXd = 91 - 2PX. Suppose the government imposes a price floor of $42, and agrees to purchase any and all units consumers do not buy at the floor price of $42 per unit.
Calculate the price elasticity of demand for paint and Illustrate the calculations.
Illustrate why would you be reluctant to advise that your country increases its money supply.
How much additional income would the consumer need to reach the prior level of utility at the new prices and How many units of X and Y does the consumer purchase?
Identify which economic and political policies affect your firm and explain how they impact business decisions. Explain how does your firm use technology to strategic advantage.
Higher unemployment caused by ression and higher prices have contributed to substantial reduction during 2008 in the number of vehicles on bridges, roads, and in tunnels.
Compute the employment rate and the level of productivity for each year and for each five-year period, compute the percentage change in the labour force, the employment rate and the level of productivity
Carefully describe and show graphically how each of following changes would effect the shape of the IS curve:
Illustrtae what is the difference among cost-push and demand-pull inflation.
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