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Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case.
a. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 400 units.
b. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 500 units.
c. Price falls from $2.25 to $1.75; quantity supplied remains at 600 units.
d. Price increases from $1.75 to $2.25; quantity supplied increases from 466.67 units to 600 units.
The EPA debating preserving a section of wilderness as a protected area. The land is owned by a rancher who has offered to lease the land to the government for 20 years in return for an immediate lump sum payment of 1.8 million. Should the agency pro..
You have been asked to lecture healthcare management students on the role and value of government regulations in healthcare. You have been asked to focus on the objectives of regulation by discussing the adverse impact monopolies have in healthcare. ..
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen.
If Romaine lettuce and Iceberg lettuce are substitute products, an increase in the price of Romaine lettuce will ______ the demand for Iceberg lettuce. A. shift inward B. shift outward C. either increase or decrease (depending on whether lettuce is a..
For the CES utility function U(x, z)= x^p + z^p. Derive expressions for the optimal levels of good x and good z as functions of the price of good x, z,pz and income, Y. For simplicity assume that the price of good z is normalized to be 1. What is the..
suppose that a big mac costs 5.00 in new york and sf30 in geneva. suppose further that the price of 1sf on that day is
Elucidate the difference among nominal and real variables and give tow examples of each. According to the principle of monetary neutrality, which variables are affected by changes in the quantity of money.
Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country.
Find the value of the test statistic (to 3 dec pl). Can we conclude that the proportions have changed during the year.
A large percentage of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000. What would happen to South Africa’s profit if it increased its production by 1,000 while R..
Explain by how much would it have to increase government purchase to achieve this goal.
Suppose that the so-called “new normal” sluggish economic growth of the last several years is the economy’s real potential, and not the higher growth rate of years past. What does this imply about how accommodative the Federal Reserve has been (and s..
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