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Between 2007 and 20008, the quality of automobiles produced and sold declined by 10 percent. During this period the real price of cars increased by 5 percent, real income levels increased by 2 percent, and the real cost of gasoline declined by 20 percent. Knowing that the income elasticity of demand is +1.5 and the cross price elasticity of gasoline and cars is -0.3, compute the price elasticity of demand for automobiles during this period
Why not have State governments levy tariffs on imports, or tax other states' products. Would this be a sensible way to raise revenues? What are the advantages/disadvantages? Provide research support for your positions
Unemployment spells and long term unemployment. According to the data presented in this chapter, about 47% of unemployed workers leave unemployment each month. What is the probability that an unemployed worker will still be unemployed after one month..
Other things equal, increasing home prices tend to:
There are linkages between the microeconomic decisions made by managers and the macroeconomic environment. There are numerous examples from the current recession of company layoffs at the micro level, directly influenced by the decline in economic ac..
Dranove and Wehner (1994) argue that the statistical evidence used to support the supplier induced demand hypothesis is invalid because they find that the same statistical techniques also suggest that obstetricians induce demand. Briefly explain the ..
Suppose the government decides to raise the gasoline tax as a way of reducing air pollution and traffic congestion to their optimal levels. Which of the following describes why Pigovian taxes, such as gasoline tax, are unlike most other
Kevin Farley, an auditor with Koews CPAs, is performing a review of Knight Company’s Inventory account. Knight did not have a good year, and top management is under pressure to boost reported income. What is the ending-inventory as reported?
Why is the average viewer of TV news or the average reader of a newspaper interested in the fluctuations in prices in the stock marketplace.
Derek consumes only rackets and tennis balls. His utility function is U(x,y)=x^2y^8, where x is the number of rackets consumed and y is the number of tennis balls consumed. Derek's income is $320, and the prices of rackets and tennis balls are $4 and..
A college raises its annual tuition from $28,000 to $30,000 and its student enrolment falls from 4,877 to 4,715. Compute the price elasticity of demand. Is demand elastic or inelastic? Explain and show your work.
Why is it that unemployment and inflation work in opposite directions--when one is high the other is low and vice versa? This concept is depicted by the Phillips Curve. Why are unemployment and inflation sometimes referred to as twin problems?
The per-unit cost of the production is mc = 10. Our conclusion is that if we have only one two-part tariff scheme (f,p), it is the best for the monopoly to set f = 800 and p = mc = 10. What’s the necessary conditions that consumer 1 wants to particip..
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