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Q. Pharmaceutical drugs have an inelastic demand, as well as computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).
a. What happens to the equilibrium price and quantity in each market?
b. Which product experiences a larger change in price?
c. Which product experiences a larger change in quantity?
d. What happens to total consumer spending on each product?
Clarify why might the Homo sapiens production possibilities curve have shifted outward to right much more rapidly than persons of Neanderthals.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
You are using a sample size of 15 for your charting purposes. Which of the following is the upper control limit D4 factor for the chart.
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
What would be the new equilibrium in this economy if Investment increased by $12.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Would Boeing's margin likely rise or fall if the yen then depreciated as well as competitor prices were unchanged.
Select one market segment, and describe in one or two paragraphs what features the cell phone might have in order to be attractive to this segment.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
Illustrate that there are any extra costs or benefits due to this shift.
Trade restrictions will stop foreign imports which will increase American employment and protect American jobs
Semiconductor chips are used to store information in electronic products, such as personal computers. One of the early leaders in the production of these chips was Texas Instruments (TI).
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