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Which of the following constitute a reduced form solution of a model?
NOTE: A reduced form solution is an equation in which an endogenous variable is expressed as a function of the exogenous variables.
a. an equilibrium price as a function of the wage rate and consumer income –both given- in a supply and demand model where demand is a function of price and consumer income and supply is function of price and the wage rate
b. the optimal quantity of a good consumed expressed as a function of given consumer income and given prices of goods consumed by the consumer in a model of consumer demand where the consumer maximizes a utility function subject to a budget constraint
c. both a. and b. are correct
d. neither a. or b. are correct
In anticipation of a major hurricane hitting the Gulf Coast, the quantity gasoline of sales rise from 360 million gallons to 375 million gallons. Based on this information, what is the percent change in gasoline sales?
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elucidate what economic factors may influence such behavior
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Illustrate what is explict opportunicy cost of attending college. what is an implicit opportunity cost of attending college.
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