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1) Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.
2) Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?
A monopoly can produce at constant marginal and average cost of 5. The firm faces a market demand curve given by Q = 53 - P. Hint: Graphing the problem may be useful for parts c. and d. What is the profit maximizing level of output? What is the price..
Why does the Phillips curve become very steep when unemployment is low and rather shallow when unemployment is high?
In 1970, Lyle bought a hand calculator for $200. The calculator was more accurate in its four functions of addition, subtraction, multiplication, and division than was Lyle’s $35 slide rule. In 1990, Lyle could not buy a calculator, which could only ..
In monopolistically competitive? markets, economic losses
Suppose the economy is at a macroeconomic equilibrium as is shown on Slide 40 of the Attend section. The government decides to give every taxpayer a $500 tax refund.
The nation of Upstandia uses kroner for money and its tax code is such that a person making 100,000 kroner per year pays 40,000 per year on income taxes; a person making 200,000 per year pays 70,000 kroner per year and a person making 300,000 kroner ..
Marketing suggests lowering PT from $20000 to $15000. The size of the elasticity coefficient in #1 should tell you what is likely to happen to revenue. Explain why this is (or is not) a good marketing suggestion from a revenue viewpoint. If the impli..
Which one is an example of physician-induced demand (PID)?
Explain by how much does the total amount of deposits in the banking system increase. By how much does the money supply increase.
Suppose the government issues debt to finance its fiscal deficits. The interest rate in the government debt is r=5% and suppose that output in the US shrinks at rate n = -1%. Then:
The Chair of the council of Economic Advisers has requested that you write a short paper explaining how economic policy can be used to stabilize the economy and achieve a high level of economic growth during the next five years. Current situation in ..
Describe the slope of the isocost and isoquant curves, and hence derive a relationship between the productivity of capital and the productivity of labour.
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