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Standard elasticity question of microeconomics
You are the only pharmacist in a small town; the next closest drugstore is 50 miles away. The population in your town consists of young farmers and older retired families. You have noticed that the young farmers are less sensitive to price changes than the retired population. Specifically, you have found that the working population has an own price elasticity of demand of -2 and the retired farmers have an own price elasticity of -4. How can you use this information to your advantage?
What is the total amount of US government debt as of the time you look it up?
Describe briefly why time lags in discresionary fiscal policy can adversely affect the efforts.
The largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage is $20 and the price of a printing press is $5000.00. If not, how should the manager of Largo Publishing house adjust input usage?
The Federal Reserve's publishes the H.3 Statistical Release-Aggregate Reserves of Depository Institutions and the Monetary Base-weekly. Recent releases show that the composition of the supply of total reserves
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Assume the 3 firms compete for market share over an infinite time horizon. Each firm takes the present value of 1 dollar tomorrow to be X dollars today, where 0
Illustrate what would you expect to happen to the total expenditures on good X.
A firm in perfectly competitive 'industry has this cost function: TC = 900 + q^2-If market demand is QD = 1800 - 20P, what is the long-run equilibrium price, quantity produced by the firm and the industry, and the number of firms in the industry?
Calculate the effect of the following events on the monetary base:
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