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Assume the demand for gasoline is perfectly inelastic—i.e., the demand curve is vertical. If a tax is levied on the producers of gasoline, what percentage of the tax collection would be paid by the consumers of gasoline 0% or 100%? Explain.
Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Why doesn’t the Fed simply keep increasing the growth rate of the money supply at faster and faster rates to drive the unemployment rate lower and lower? Wouldn’t the gains in terms of faster output growth far exceed the losses from inflation?
Consider the types of non-tariff trade barriers and determine which has the most detrimental effect on the U.S. economy from the standpoint of the domestic consumer. Explain your rationale and support it with specific examples.
Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs?..
Is there any range of production characterized by scale of economies. At Illustrate what production level are scale economies exhausted.
All workers face tradeoffs. Self-selection allows workers to exploit these tradeoffs when choosing jobs, thus maximizing utility. One trade off is between pay and safety. Some workers are willing to take a hazardous job if it is accompanied by higher..
Outline and describe in order of sequence the key items that led to the War of Independence. Explain why the navigation laws were so important to England. Explain the whys of the policy of salutary neglect.
q.suppose there are two types of men and two types of women goodbad and assume further that same-sex marriage is not
The Sterling Corporation makes and sells motorcycles. The total cost of each cycle is the sum of the costs of frames, assembly, and engine. The firm produces its own engines according to the following cost equation: CE = 250,000 + 1,000 q. What is th..
Coke also Pepsi have their market dominance for nearly a century. General Motors also Ford have been hard hit by competition.
What are the conditions for the four types of markets (perfectly competitive, monopolistic, monopolistic competitive and oligopolistic market)?
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