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1. A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected.
2. The demand for company X's product is given by Qx = 12 - 3Px + 4Py Suppose good X sells for $3.00 per unit and good Y sells for $1.50 per unit.
How would your answers to parts a and c change if the price of X dropped to $2.50 per unit?
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
According to economist, if savings equal $5 trillion and spending equals $100 trillion, what will investment equal?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Suppose the ABC Corporation adopts a policy prohibiting its top-level executives, whose compensation packages-Use economic theory to analyze the incentive effects of this prohibition.
Problem on standard deviation
Describe unemployment and the unemployment rate. Might we be able to say "Job Stats: Too Good to be True?"
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Describe what effect an expansionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
Your company is considering expanding overseas. It is particulary interested in developing markets, and narrowed its choice down to two countries, A and B.
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