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Question:
Price Elasticity of Demand. Discuss the price elasticity of demand. Is it directly related to the availability of suitable substitutes for a product?
How do the core ideas of Hayek about proper use of knowledge in society apply to the internet?
Explain how much will your firm's total revenues (revenue from both products) change if you increase the price of good X by 1 percent.
Show and discuss the economics of land reform policy to redistribute agricultural lands across two equal groups of farmers. Assume the two groups have the same human capital in terms of farming (same Marginal Product curves) and that the amount of ag..
A box contains four black pieces of cloth, two striped pieces, and six dotted pieces. A piece is selected randomly and then placed back in the box.
Suppose that a market is decribed by the following supply and demand equation:
Because of a recent wave of jewelry store robberies, a city increases police surveillance of jewelry stores. The increase surveillance costs the city an extra $500k per year, but as a result, the amount of jewelry that is stolen falls. Specifically, ..
A new engineer is considering investing in an individual retirement account (IRA) with a mutual fund that has an average annual return of 10%.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported ball bearings: A senator from a state with several ball-bearing factories explains that it is necessary to impose trade restrictions, such as a tari..
The economy's factors of production are not equally suitable for producing different types of goods. This principle generates:
Let q denote the output of a single firm and Q the output of the entire industry. A supply function for a firm gives the firm's profit-maximizing level of outpu
What happens to the quantity of tickets that people are willing to buy and the government bans the aftermarket sale of super bowl tickets would this act as a price ceiling?
How has the climate change advocates and green movement impacted supply chains in any of the 7 principles? What about human rights abuses, sweatshops
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