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Assume the demand for plastic surgery is price inelastic. Are the following statements true of false? Explain.
a. When the price of plastic surgery increases, the number of operations decreases.
b. The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded.
c. Changes in the price of plastic surgery do not affect the number of operations.
d. Quantity demanded is quite responsive to changes in price.
e. If more plastic surgery is performed, expenditures on plastic surgery will decrease.
f. The marginal revenue of another operation negative.
You are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2. The firm sells its output at a price of $32, and can hire labor at a wage of $12.44 per hour. In ..
Illustrate what role does weak financial regulation also supervision play in causing financial crises.
An increase in the amount of monthly dues would cause:
Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival have successfully kept prices at a very high level.
Explain how are you morally justifying your decision. Remember to use professional e-mail etiquette when composing your e-mail.
Instead of imposinga tariff, the government reached an agreement with foreign suppliers to "voluntarily" limit the portable radios they export to 1,250 per year. What is the deadweight loss resulting from this agreement?
Elucidate how does the price of fertilizer compare to the average total cost, the average variable cost also the marginal cost of producing fertilizer.
Suppose the managers of the two firms decide to collude. If they formed a cartel, illustrate what would be the profit maximizing level of output.
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month. Explain your reasoning.
Assume a bank faces a required reserve ratio of 5 percent. If a bank has $200 million of checkable deposits and $15 million of total reserves, then how large are the bank's excess reserves?
Would a dynamic approach to taxation be more likely to lead to economic growth than the static approach in a country with a falling tax base? What about in a country with a growing tax base?
Why does the Federal Reserve expand and contract the money supply? What are the four ways the Federal Reserve accomplish this task? How do each of the methods accomplish the intentions of the Fed? Which method(s) is most important/desirable? Which me..
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