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Question: In some major us and european cities, it is very difficult to find a taxi because city authorities limit the number of permits ( known as medallions, in new your city). In 2014, the cost of a taxi medallion was near 1 milion, but now it is about 80,000 (from a low of 25,000).
Explain the economics of taxi permits ( cost and benefit of participants )
Bob views apples and oranges as perfect substitutes in his consumption, i.e., MRS = 1 for all combinations of the two goods. Suppose the price of apples is $2 per pound
What effect would forgoing consumption today in order to invest for tomorrow have on future production possibilities?
EconS 451- Summarize in a table and graphically the number and percent of UPC's by Brand. Summarize in a table and graphically percent of sales by Brand. Summarize in a table and graphically percent of sales by flavor.
suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of 3 each. which of
Discuss the history of inflation with a focus on the incidents of hyper-inflation that occurred in Weimar Germany in the 1920s and more recently in Venezuela
Describe how each of these changes is likely to affect poverty and inequality: Incomes rise for low-income and high-income workers.
Recall the movie clip "A Beautiful Mind" about John Nash that we watched in class. Debating, whether they should go for the blonde in the bar.
The supply of convention centers
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded be..
Why wasn't the Bernie Madoff scheme caught earlier? In general, would you define Bernie Madoff's clients as sophisticated or naive? Why?
Identify two goods each whose demand exhibits (a) high income elasticity, (b) low income elasticity, (c) high price elasticity, and (d) low price elasticity. What accounts for the differences in elasticity?
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