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Determine the price elasticity of demand (arc elasticity of demand). An economist and a market researcher, Sandy and you, were hired to study demand.
In a controlled experiment, it was determined that at 8 cents, 100 pencils were sold while at 10 cents, 60 pencils were sold, yielding an elasticity of 2.25.
However, Sandy and you were industrial spies, employed by the EF Pencil Co. and sent to ECON3305 to cause as much trouble as possible.
So Sandy and you decided to change the base for their elasticity figure, measuring price in terms of dollars instead of pennies (ie., $0.08 for 8 cents and $0.10 for 10 cents)
Suppose that after the wage goes up in the Northern state, workers lose their jobs in the North and decide to move to the Southern state. This increases the population there. Adjust the graph to show what happens to employment and the wage in this So..
What dollar wage must be paid in the second year and The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called
As prices increase, should health economists advocate giving something up (opportunity costs/trade-offs)? As the quantity of health services provided goes up, does the benefit of each additional unit of service become smaller (marginal analysis)?
what are the different types of unemployment? how do they affect the economy? what is inflation? what is deflation?
Rent-seeking behavior results in a)increased economic activity by promoting efficiency b)lower economic acitivity by diverting resources to less-productive uses c)a more equitable distributionof income and wealth
Considering the correlation of a company to the economy which would you chose: A company positively, negatively, or not correlated?
Gaither entered into a contract with a nonprofit corporation whereby Gaither would receive $700 per month while in medical school, provided that he would return to his small hometown, Chester, to practice medicine for ten years after becoming a licen..
describe the graphical relationship between ticket prices and the number of people choosing to visit amusement parks.
What are some of the tricks and pitfalls an investor should avoid as discussed in the book " A Random Walk Down on Wall Street"? Explain.
GDP per worker rose 4% last year. The labor force grew by 2.2%, employment rose by 1.9%, the stock of capital expanded by 4.8%, and the share of capital income in GDP was 35%. Compute the growth of total factor productivity. Show any workin..
What is the key assumption needed to show how one can construct a numerical utility function out of just a preference ordering? Don't just draw a picture; explain what the assumption means and apply it to show how to construct that numerical util..
A brief overview of game theory.
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