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Calculate and discuss the welfare effects of a tariff on a small country where: P =$100, t =10%, D1 = 5,000, S1 = 2,000, elasticity of D = 2.0 and elasticity of S = 1.5
If sample mean is 65, S=23 and n=64, and assuming that the population is normally distributed, construct a 95% confidence interval estimate of the population mean.
If the project has a 10-year life and they think they can sell the packer for $105,000 at the end of the project, what is the net present worth of this project
Explain what 'seasonally adjusted' means, and why we might want to look at seasonally adjusted data instead of data that is not seasonally adjusted.
On each of the following grounds, briefly rationalize an economist's objection to the term "behavioural economics": (i) redundancy of terminology
Sandy has an income of $300 per month and qualifies for food stamps. The food stamp program awards people $100 per month, but that money can only go towards the purchase of food. Assume food costs $1 per unit. Draw Sandy’s budget constraint with the ..
Podunk, Inc. has been making widgets by hand (using no machinery at all) for years. Their production function has been q=0.9L. Recently, they purchased high-tech machines to aid the workers. Unfortunately, none of the workers can figure out how to us..
According to the rational choice model, cash grants are preferred to food stamps because A. They enhance consumer choice B. Cash grants allow consumers to reach lower indifference curves C. Food is the most essential commodity D. Food would be cheape..
"A higher interest rate raises the future cost of present consumption." Use an example to show that both statements are correct.
Consider a market where supply and demand are given by QXS = -16 + PX and QXd = 83 - 2PX. Suppose the government imposes a price floor of $36, and agrees to purchase any and all units consumers do not buy at the floor price of $36 per unit
Give examples of how to use the concept of elasticity 1) including an explanation of why or how businesses might use the concept of elasticity.
Why do women earn less than men? What are the reasons for the pay differential?
Rate, from best to worst, each of the sources ADP (Automatic Data Processing, Inc.) indicated in the SWOT analysis in terms of its probable reliability. Discuss the steps and/or actions you can take to validate the reliability and accuracy of the inf..
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