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At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, quantity demanded falls by 1.50%. By the end of this year, the price of gasoline is expected to increase by 40 cents from $3.05 per gallon. Based on this information, what is the expected quantity demanded for gasoline at the end of this year? Please specify your answer to one decimal place.
In October 2011, Apple introduced the iPhone 4S, which had new features, including camera and voice control, but sold at the same price as the previous iPhone model. How did the introduction of the iPhone 4S affect the Consumer Price Index? What fact..
Explain how globalization in pharmaceuticals occurred with respect to both distribution of medicines in new markets as well as shifting of research and development as well as the manufacturing to lower cost markets.
Should mothers of young children be required to work in turn for government assistance? Does the age of the child make a different? What about the number of children? What are issues involved?
Illustrate and explain the changing demand for Big Mac using indifference curve and budget line.
This focuses on the relationship between inputs and output. Different production curves are presented. But the intensity of current global competition often requires managers go beyond the traditional production curves.
In the Keynesian framework, which of the following event might cause a recession? Which might cause inflation? Sketch AD/AS diagrams to illustrate your answers. 1-2) Rapid growth in the economy of a major trading partner.
The recent merger of US Air and American Airlines received both national and local attention. The US Department of Justice contested the merger on the basis it would produce harmful monopoly-like behavior in the airline industry. Develop an argument ..
Economic growth has slowed in the last quarter of the year to 0.6% from the previous third quarter growth rate of 4.9%. The economy lost 12,000 jobs in the last month of the previous year while shedding 80,000 jobs during the months of January and Fe..
At some levels of output Acme's average total costs are less than Generic's, but at some levels of output Generic's average costs are less than Acme's.
Millie mows her own yard to save money. Her neighbour Paul, however, hires a lawn service to mow his yard. One day Millie is looking out the window and sees Paul's lawn service drive up. Surprisingly, they begin to mow her yard, not Paul's yard. Disc..
With the economy in a recession because of inadequate aggregate demand, the government increases its purchases by $1,200. Suppose the central bank adjusts the money supply to hold the interest rate constant, investment spending is fixed, and the marg..
How would decreasing an import tariff on a good affect producer surplus in a nation that imports that good? In international trade, what is a tariff? What will occur if a nation opens itself to trade in a good and becomes an exporter?
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