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Assume that the Illinois Turnpike Authority lowered the speed limit on I-90 to 60 mph from the present 75 mph. In addition, assume that the new speed limit will be vigorously enforced by the Illinois Highway Patrol. Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced.
Problem on standard deviation
In national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?
Make a short paper which relates how specific material from economic course where we cover supply and demand, elasticity and etc.
Explain what would happen to the slope or position of the AD curve in the following circumstances.
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
American Mining Company is interested in obtaining quick estimates of the supply and demand curves for coal.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
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