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2 A ) Each demand curve must eventually hit the quantity axis because with limited incomes there is always a price so high that there is no demand for the good.
B) If the elasticity of demand for long-distance calls is 1.5 and the price of long- distance calls falls by 20 percent as a result of increased competition from the telecommunications bill that passed two years ago, households on average will spend less in the total on long distance service.
C) In 2003, an econometrics class at Boston University estimated that the demand for lobsters in the United States was approximately a straight line intersecting the price axis at $87 per pound and intersecting the X - axis at 110 million pounds per year. The demand curve is very elastic.
7 Illustrate the following with supply and/or demand curves:
A) a situation of excess labor supply ( unemployment) caused by a minimum wage law
B) the effect of a sharp increase in heating oil prices on the demand for insulation material
A firm uses two plants (A and B) to produce the product. The plant's marginal cost functions are given by the following equations:
Using the firms marginal cost curve, compute the profit-maximization long-run supply curve for typical retailer. Compute the average total cost curve for the typical gasoline retailer, and determine that average total cost are less than price at the..
Given that Y=900 and want consumption and investment are given through, Fill the entries as you require to answer the questions.
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What takes place to the interest rate and money supply?
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
Determine which of the following is most likely to indicate statistically significant regression coefficient? Assume the price elasticity of the supply of cheese is 0.80. If the price of cheese rises by .20 percent,
Which of the following statements best states the demand for agricultural commodities?
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
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