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In an article about the financial problems of USA Today, Newsweek, reported that the paper was losing about $20 million a year. A Wall Street analyst said that the paper should raise its price from 50 cents to 75 cents, which he estimated would bring in an additional $65 million a year. The paper's publisher rejected the idea, saying that circulation could drop sharply after a price increase; citing The Wall Street journal's experience after it increased its price to 75 cents. What implicit assumptions are the publisher and the analyst making about price elasticity?
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain. What is the impact of opening trade on the real wage in Russia? Briefly explain.
Show the area on the graph that would correspond to consumer's surplus earned by the typical boarder/skier with this payment scheme. Explain your answer briefly.
Lisa is a lawyer and there are two tasks that she hates to do, even though her job requires it. Draw a graph with hours reading on the horizontal axis and hours writing on the vertical.
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
Say if the following statement is true or false and why-Exports depend only on the demand of foreign countries for our products and therefore our exporting
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
Explain how each of the following will affect the relative values of the dollar and the euro:
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 by using 2004 as the base year. By what percent did prices increase?
Exchange and markets, Demand supply and market equilibrium
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
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