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Assume that grapefruit is an inferior good. Draw a perfectly competitive market for grapefruit and a firm selling grapefruit in the long run equilibrium where price is $1 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each). EXPLAIN what happens in the short-run if incomes increases by 15%? EXPLAIN the process by which this market returns to the long-run equilibrium
Cross-rates allow you to calculate a third exchange rate from two that are known and that have a common currency. The method requires that you set up the cross-rate multiplication so that the common currency is canceled out.
1. you are a manager for a regional health system. using an estimate of the price elasticity of demand of -0.25 how
Should the government limit the amounts that juries are allowed to award victims of medical malpractice, so as to reduce malpractice insurance premiums and thereby lower health care costs.
q.listing different orderings and coalitions is not going to work for this problem because there are too many
For these reluctant companies, what issue is most likely to prevent them from using your software?
Assuming your Best Alternative to a Negotiating Agreement (BATNA) is letting a court sell your shared property, discuss how it may help you reach an agreement. Recommend other strategies that you could use to accomplish a successful negotiation.
During the recession of 2007-2009, the U.S. economy was experiencing a decrease in home prices and consumer wealth, a credit crisis in the financial markets, and declining consumer and business confidence. What components of aggregate demand were aff..
An estimate of the time required to perform a certain job is needed. The study yielded a mean of 6.4 minutes and a standard deviation of 2.1 minutes. The desired confidence is 0.95. How many observations will be needed if the desired maximum error is..
Discuss at least two alternative measures of national welfare that have been put forward? What are the primary strengths and weaknesses of these alternatives and discuss at least two alternative measures of national welfare that have been put f..
Visit the Bureau of Labor Statistics for state employment also unemployment.
The GDP deflator is a good cost of living index. GDP is more volatile in the short-run than the long-run. All government spending is in GDP. If GDP is adjusted for purchasing power, the US usually improves its relative position.
Prove that inferior goods (goods with a negative income effect) have a backward bending income consumption curve. Prove that giffen goods have a positively sloped demand curve and a backward bending price consumption curve. Comment about substitution..
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