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Assume that the yearly personal income per capita is in the US is $39,000 in 2008, the price of gasoline is $4.00/gallon, and the consumption of gasoline per capita is 450 gallons. If per capita personal income is predicted to increase to $40,200 and the price of gasoline increased to $4.30 in 2009, is the per capita consumption of gasoline going to increase or decrease? By how much? Show your calculation steps clearly and prove you claim. Assume the income elasticity of oil is .5 and the price elasticity is -.2
The demand scheme for the product created by a monopolist. Quantity demanded Price Total revenue Marginal revenue Price elasticity.
Describe the concept of economics of scale and how long run costs curves shape the economic structure of industries.
Dilomatic tensions over the war with Iraq also patriotic fervor led the state legislature in South Carolina to initiate a resolution boycotting French products.
Illustrate what are the major macroeconomic goals of all societies.
Compare and contrast between the economic effects of increasing spending versus reducing taxes.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
Illustrate what is the nature of this trouble. How did this trouble come about? In what ways will this trouble impact the US economy.
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
Some possible platforms on which to write are comparative advantage, gains from trade, World Trade Organization and trade restrictions.
Economists are in almost globally agreement that Free Trade is good for all countries. Why are they in such universal agreement.
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