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Suppose that the income elasticity of demand for land is +0.75. The unit commuting cost (cost per mile) is the sum of monetary cost (30 cents per mile) and time cost (opportunity cost). Suppose that the typical commuter earns a wage of $12 and takes 30 minutes to commute 10 miles to work. Every worker values commuting time at half of his or her wage. Can the observed pattern of income segregation be explained by the trade-offs between commuting cost and land cost? If there is not enough information to answer the question, what additional information do you need, and how would you use it?
Elucidate three general economic principles along with being able to identify three to five macroeconomic indices e.g.GDP,CPI. I must also be able to make an evaluation and develop a forecast from the article.
Assess President Obama and the Congressional Majority Democrats' stimulus, budgetary, and health care initiatives in the context of promoting Economic Growth and Development.
Industry studies often suggest that firms may have long - run average cost curves that show some output range over which there are economics of scale and wide range of output over which long- run average cost is constant.
Efficiency can best be defined as the amount of output generated in a given amount of time,producing items using the least amount of resources or else.
Presently most British imports come from other European countries. How does this fit in with the changing types of goods that make up world trade.
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
even though they could have sold the units for substantially higher prices. Explain why do you think that the merchants adopted this policy.
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
In the text we mentioned how Levi Strauss price discriminates between the European and American markets. This question is designed to help you analyze this situation.
Why would firms in such an industry have little incentive to carry out technological change or much research and development.
How would each of the following affect the firm's marginal, average, and average variable cost curves?
Consider a hypothetical country with a labor force of 100, of which ten persons are unemployed and 90 are employed. Then, imagine that two of the ten unemployed got jobs, i.e., became employed. How might it be possible for the unemployment rate to..
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