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Ln Q = 2.737 - 1.247 ln P + 1.905 ln I
Where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.
Determine the price elasticity, and income elasticity of demand
Select a product you have purchased in the past month from a clothing or shoe store. Explain how each of the four factors contributed to the elasticity of the good.
Show the effects of a price ceiling and a price floor on a market. As for what happens with valuing is different than equilibrium, a rate Floor is Minimum wage where wage rate is bigger than the rate at equilibrium.
Write an assembly language subroutine
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
Differentiate the way Keynes and Friedman approach the economy. Determine the key differences and similarities?
Test the null hypothesis that each individual coefficient is equal to zero against the alternative that it is not, at the 5% significance level and comment on your findings
Use a demand and supply model to describe the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men & women.
Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Explain the output and price effects which affect the profit-maximizing decision faced by the firm in oligopoly market. How does this differ from output and price effects in monopoly market?
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