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1. Suppose the price elasticity of demand for bread is 1.00. If the price of bread falls by 20%, the quantity demanded will increase by:
2. Suppose that a 20% decrease in the price of good Y causes a 20% increase in demand for good X. The coefficient of cross-price elasticity of demand is:
3. When the price of a quart of milk increased from $1.55 to $2.00 the quantity demanded decreased from 21,000 per day to 19,000 per day. In this range, the price elasticity of demand is:
4. If the elasticity of supply for crude oil is 0.5, how much will the price have to increase to increase production 20%?
5. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:
6. Demand for X increases from 100 to 125 when the price of Y increases from $5 to $6. The cross-price elasticity of demand is:
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
In early 1998, S3 was a small microchip-design firm with a big problem. The company knew that Intel’s patent wall would eventually stall its high-performance graphic-microchip business. S3 hatched a plan to fix the problem. What is the implication fo..
Use the following data table to determine the equilibrium real interest rate after certain factors change: Month Real Interest Rate (%) Loanable Funds (trillions of $) Exogenous Change Equilibria (increases, decreases, or no change)
What are the key features of the consumption function? What causes consumption to rise or fall? Does the level of consumption deserve concern today?
If John and Jose are not able to recognize and respect cultural differences, they may contribute to the emergence of which type of conflict?
Two similar farms could have the same return to management but different net farm income due to:
National level or aggregate level data and firm-level data are self explanatory. I have seen certain papers on productivity analysis as well as other topics which refer to "establishment-level" data. Can someone please explain what is meant by this t..
Draw the firm's MC, AVC, and AC curves. Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indiate the profit as an area on your diagram. Show the deadweight loss.
Is there much research into the long term impacts of government fiscal contractions. I have heard about 2nd generation unemployed as a result of Thatcher's policies but that is very much anecdotal. What does the literature have to say on the matter?
The demand curve for cookies is down word sloping, when the price of cookies is $2, the quantity demanded is 100. If the price rises to $3, what happens to consumer surplus?
Consider an economy where 1999 is the base year used for all calculations of price indices and constant-price aggregates. The price of the average good counted in GDP was 5% higher in 1997 than in 1999 and real GDP in 1997 was $64,800. In 1998 the ra..
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbour, Friday, is a fisherman, and is willing to trade 2 fish for every coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, and he i..
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