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According to ABC's 7.30 Report (12 March 2019), Australian house (new and established) prices increased by 50% in the 5 years ending 2017. Using the market for house construction as a basis, identify and analyse one important condition of demand and one of supply that may have contributed to this extraordinary rise in house prices.
A current highway project is estimated to have an average of $1,000,000 in annual maintenance costs upon completion. What is the capitalized equivalent of the perpetual annual maintenance costs for an account earning 6% annual interest?
From the supply and demand schedules, from Belgium what are the equilibrium price also quantity of cocoa beans.
Research shows that as the wages of married women rise, more of them work and they work more hours per year. However, as the wages of their spouse increase, they reduce their labor force participation rate and hours worked (hint: this is like non-lab..
Find the probability that the number who say cashews are their favorite nut is? (a) exactly? three, (b) at least? four, and? (c) at most two.
During the purchasing decision, evaluation stage, the consumer forms preferences among the brands in the choice set.
Suppose that the market demand is Q = 100 - P First, consider a competitive industry where MC = AC = 20 for each firm in this industry. What is the equilibrium quantity Qc in the market? What is the equilibrium price Pc? What is the consumer surplu..
The AD/AS model is useful in predicting the effects of various shocks and policy changes on an economy. The model is based on goods and services being exchanged in well-functioning markets. In general, however, markets are not always perfect. How wou..
Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic ?freedom?
You have $1,000, which you can invest in a risk-free investment, earning 2% with certainty. Alternatively, you can invest in a project that has a 30% chance of losing $500, and a 70% chance of gaining $400. What is your expected wealth with each inve..
What is the smallest per product unit subsidy that must be paid to the monopolist in order to induce it to produce 7 units of its product?
Congress has imposed a quota of 25,000 units of imported oil. Calculate the change in consumer surplus and producer surplus from this legislation.
Suppose the firms in a monopolistically competitive market are earning positive economic profits. What will happen to move the market to its long-run equilibrium?
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