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Although water is essential to life no matter where one lives, the demand for water differ across regions. In one study it was found that the price elasticity of demand for water in all regions of the United States ranges from 0.39 to 0.69.
Why is the demand for water price-inelastic?
In those regions where outdoor use of water makes up a relatively large portion of total use, the price elasticity is high. Why?
The demand for water in the summer months is greater than in the winter months. Explain.
Illustrate what means does it use to hedge against exchange rate risk. Using this information, illustrate what do you think would be effect of increases/decreases in dollar's exchange value on firm's profitability.
Currently there is a draft for top NFL prospects. Suppose instead that due to a lawsuit, all NFL prospects were free agents. If the assumptions of the Coase Theorem held before and after this change, what would you expect to happen to competitive bal..
Met's preferences over consumption is defined by the following utility function: u(c1,c2) = min[c1,2c2] . Note, c1 is Met's consumption today and c2 is Met's consumption next period. Derive Met's demand for consumption today and consumption next peri..
You win the $20 million state lottery, and you have a choice of taking an amount of money per year for the next 20 years or a flat payment now. The flat payment that the state offers you is $9.82 million. What discount rate is the state using?
Labor force = number of employed. Labor force = population - number of unemployed. Unemployment Rate = number of unemployed ÷ (number of employed + number of unemployed) X 100.
Suppose that the equilibrium nominal exchange rate is 130 Japanese yen to the U.S. dollar. If the Federal Reserve wishes to maintain an exchange rate of 140 Japanese yen to the U.S. dollar, it must meet the private excess ________ dollars in the fore..
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is −0.8; the cross-price elasticity for wine with respect to the price of beer is 0.9; the cross-price elasticity for appetizers is -1.4..
Explain what is happening to both marginal productivity of each additional worker and the marginal cost of each additional unit of output.
Inductive arguments support conclusions and are described as stronger or weaker. What is meant by that description? The mode of persuasion that Aristotle defined as ethos refers to arguments based on what?
Past experience has explain how that an 80% learning curve applies to the labor required for producing these units. The time to complete the first unit has been estimated to be 1.76 hours.
Illustrate what mistakes did policymakers make that have kept developing nations from growing more quickly.
q.suppose you consume nothing but goods x and y. we have two years? of data regarding your consumption and incomeyear
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