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Would you expect the price elasticity of demand to be higher at the level of an individual school or at the aggregate level (e.g., all 4-year colleges and universities)? Why? Despite the empirical evidence to the contrary, college decision-makers often believe that their price elasticity of demand is essentially zero. Is that right? How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered? Would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students? Why? How does a student's income elasticity affect the demand for higher education at College?
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand and (2) an increase in supply.
The manager of EverClean finds two output levels that appear to be optimal. Show what these levels of output are, and explain which one is actually optimal.
How much is his fixed cost? How much is his variable cost and at what level of production is his average cost minimum
Discuss the relationship between shoe brands P and N, and also the type of good that shoes P can be classified as and discuss the meaning of R-square and the t-value for the parameter estimate on the Pp and PN.
Determine how the following situations will affect the demand curve for ipods.
Should poorer 1rd World nations refuse "models based on economic laws" of universal validity and there are no universal laws. Describe if you agree.
As in part A there is a 50% chance the share market crashes. If John maximises expected utility, what value of ß should he choose?
About the topic of national debt, it just likes we lent money from our offspring. Most of us think the debt is bad.
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
Assume that the aggregate demand curve is P=120 - Q, where P is price level and Q is real output. If the short-run aggregate supply curve
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