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Consider the market for cable-based Internet access service, which is a normal good. Explain whether the following events would cause an increase or a decrease in demand or an increase or a decrease in the quantity demanded. (See pages 57–61.) a. Firms providing wireless (an alternative to cable) Internet access services reduce their prices.
Recent data show an increase in retail gasoline prices of 40% and reduction in consumption of 2%. Does this imply a change in demand or change in quantity demanded? Explain.
Suppose that you deposit $15,000 into your checking account deposit at Bank Y. Assume that the required reserve ratio is 25 percent. what is the maximum increase in checking account deposits that can result from your $15,000 deposit? What is the maxi..
The state of Minnesota is considering building a highway through undeveloped wilderness. The construction will take 1 year and the construction costs are estimated at $10 million. The annual routine maintenance costs are expected to be $1 million per..
specific examples of what would affect each, and a discussion of why it is more accurate to estimate both when trying to determine a country's economic success.
Suppose that a firm has "pricing power" and can segregate its market into two distinct groups based on differences in elasticities of demand.
Consider the following short-run production function: q = 5L^2 − 1/3L^3. Derive a marginal product of labor. Derive an average product of labor. At what level of L is the average product of labor maximized?
A chemical factory is situated next to a farm. Airborne emissions from the chemical factory damaged the crops on the farm. Using the marginal benefits and costs schedule above, plot a graph that shows the interaction between benefits to the factory ..
Globalization impacts virtually every industry. Select 3 industries and list for each a couple of ways in which they are impacted by globalization?
Suppose the economy is in long-run equilibrium. If there is an increase in the supply of labor as well as an increase in the money supply, then we would expect that in the short-run,
The government imposes a $1.10 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed.
Consider two people: Joe Grad, who has just finished college and started a job, and has $50,000 of student loan debt; and John Gramps, who is retired and living off the interest income from long-term bonds. Suppose instead that deflation sets in, and..
When economists attempt to predict the spending patterns of U.S. households, they will typically view the ____________ as a primary determining factor that influences the individual consumption choices that each will make. The step-by-step process of..
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