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Your assignment is to write a short (2-3 page, double-spaced, typed) essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. Hint: Use the determinants of elasticity to sort why some products are elastic and others are inelastic. Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why? Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?
Given the market for corn in equilibrium, show the effect on price and quantity of the following simultaneous occurrences: Good weather results in a 10% increase in the harvest of corn. A medical report is published that concludes that consumption o..
Both antitrust policy and industrial regulation deal with monopoly. Illustrate what distinguishes two approaches. Explain how does government decide to use one form of regulation rather than.
"Since the statistical discrepancy in the U.S. balance-of-payment accounts is so large, we cannot rely on the U.S. BOP statement to give information on the size of various 'balances' with any precision. Perhaps the U.S. BOP statement is essentially u..
Consider the market for baby cribs. The market for baby cribs is given by Qd = 140 - 0.2p and the market supply of baby cribs is given by Qs = 0.2p - 20, where Qd is the quantity of baby cribs demanded in millions, Qs is the quantity of baby cribs su..
Suppose that an economy has the Phillips curve. What is the natural rate of unemployment? Graph the short-run and long-run relationships between inflation and unemployment.
Suppose the government decreases taxes by 20 percent. Describe the effects to the equilibrium price level and GDP. Make sure to address consumption, disposable income, and aggregate demand in your answer.
In 2013, there were numerous global conflicts: civil war in Syria, unrest in Brazil, and continued turmoil in Iraq and Afghanistan. Though many of these conflicts are far from U.S. borders, how might they play out in the American economy (i.e., in la..
A stock price is currently $100. Over each of the next two six-month periods it is expected to go up by 10% or down by 10%. The risk-free interest rate is 8% per annum with continuous compounding. What is the value of a one-year European put option w..
Mitchell Bancorp is considering making a loan at 3% interest (c/a) to Sohn Co to buy a machine tool worth $300 million. The tool has no salvage value and is depreciated over 3 years by sum-of-years digits. In this state, Sohn Co pays 50% tax. Assume ..
Bond rating agencies such as Moody's publish rankings of the credit quality of corporate borrowers. AAA rated corporations have the lowest level of default risk followed by AA and A the Baa, etc. Under what circumstances would the spreads between yie..
Each year a sample of applications is taken to see whether the examination scores are at the same level as in previous years. Illustrate what is your conclusion based on this value.
Suppose that a new law requires every firm to provide its workers with free parking spaces. These spaces are worth $200 per year to workers, but cost firms $500 per year to provide
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