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A 5 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 3 percent. What is the cross price elasticity of demand? Are tablet devices and digital apps complements or substitutes?
The demand in Japan for new automobiles is elastic and sensitive to market prices. Given that, describe the effect of each of the following on the quantity demanded or the demand for new autos in Japan.
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.7Q per ton. Residents' market benefit for garbage is MB=250-1.4Q per ton. What are the total costs to th..
Perfectly competitive factor and output markets are similar in that when both are present both generate:
Describe the problem of “adverse selection” when health insurance is offered at a community rated premium? Define the term “community rated premium” as well. Is it possible to address the problem of adverse selection by increasing the premium level? ..
How does it affect level of investment and interest rates. How does it affect individual consumer. Give at least three examples in your response.
Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which doe he prefer:
Smallville is suffering annual losses of taxable properties and property values of 1% each. Even so, Smallville must maintain its tax collections at a constant value of $3.2 million to maintain services. What is the required rate of increase in the t..
a farmer has a production function fl where the input is capital l. the cost of this loan is l1i. the farmer also has
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
If the on-campus demand for soda is as follows: what price will students end up paying in a perfect competitive market? a monopolized market?
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
If you could, how would you alter the way that GDP is defined and measured in the US? Make one recommendation. Explain what the current practice is, how you would change it, and why your proposed change would be an improvement.
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