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Compute the price elasticity of demand if price increases from $10 to $12 and quantity demanded falls from 600 to 400. Use the value obtained and a specific example to determine whether price must be increased or decreased to increase total revenue. Explain why. Note: Explain only how to increase total revenue, not decrease it.
Examine the graph of marginal benefits and costs of abatement below. Suppose regulators expect these curves to be as shown but are uncertain as to whether or not the marginal costs of abatement curve will be higher or lower than depicted
Suppose that the market for primary care physicians (PCPs) has monopsony power. The supply of PCPs is Ls= -500+2W, which can be rewritten as W=0.5Ls +250. The marginal cost of PCPs equals MC=Ls +250 and the (inverse) demand for PCPs is : W=(1000/3)-1..
At the beginning of the most recent financial crisis, banks were hurt by all of the following EXCEPT
Compare the impact on furniture and physician services of a recession that reduces consumers' income by 10 percent.
Explain how monetary policy affects interest rates and aggregate demand. Analyze how fiscal policy affects interest rates and aggregate demand. Why policymakers face a short-run trade-off between inflation and unemployment.
De?ned in the usual way as an outward shift in the entire supply-of-savings schedule, affect equilibrium saving, investment, and the real interest rate?
In the market for a good the quantity supplied (QS) and the quantity demanded (QD) are given by QS = P - 30 and QD = 240 - 2P where P = price in dollars.
Explain how economist distinguish between the short nm and long run. Why are these concept important to the theory of perfect competition?
Assume the competitive market shown below faces a short run price of $10. Using graph below, identify the following: What is the new profit-maximizing output?
A dollar received today is worth more than a dollar received in the future. What role does inflation play when determining the value of a dollar? Explain.
Assume that the marginal product of a server in a restaurant equals the number of customers he can wait on per hour. The restaurant owner currently uses.
Discuss the concepts of engineering projects and their investment profile. How would you assess the economic feasibility of engineering projects.
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