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Discussion: Examining Elasticity
After watching the Section 5.3 Review and Section 6.2 Review videos, respond to the questions below.
Gas prices fluctuate often and in both directions. In your initial post, respond to the following:
How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why? Use the various determinants of elasticity to explain your answer. How does the price elasticity of demand for gasoline impact the effectiveness of taxes on gasoline aimed at correcting a negative externality? Consider incorporating the supply-and-demand model to demonstrate the elasticity of demand for gas and to show the effects of tax on the market for gas.
Section 5.3 Reviews Video
https://media.pearsoncmg.com/ph/bp/bp_hubbard_econ_5/sectionvid/section0503.html
Section 6.2 Review Video
https://media.pearsoncmg.com/ph/bp/bp_hubbard_econ_5/sectionvid/section0602.html
Over the long run, the primary determinant of movements in the money supply is the. There are ______ members of the Board of Governors of the Federal Reserve System
If "the" multiplier is 3, the marginal tax rate is 20% and the money multiplier is 4, a $10b increase in government spending will cause the government budget deficit
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
1. Find the marginal utility of each good. 2. Determine whether the marginal utility decreases as consumption of each good increases( ie does the utility function exhibit diminishing marginal rate of substitution.
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Assume that the monopoly faces the inverse market demand function: What should be the monopoly's profit-maximizing output?
How do I know whether these goods are complementary or not?
before 1933 there was no federal deposit insurance. was the liquidity risk faced by banks during those years likely to
What is quantitative Easing - What effects does The Feds.
The government decides to modify its level of purchases in order to reach full employment GDP (i.e. YFE = 10800). What will be the new level of government purchases? Does the equilibrium price increase or decrease? Why? (Hint: Don't use multipliers)
Suppose you make 15 annual deposits of $1,000 each into a bank account paying 5% interest per year. The first deposit will be one year from today. How much can be withdrawn immediately following the 15th deposit?
Suppose that workers become concerned about the future and therefore wish to increase their hours of work relative to leisure. At the same time, there is an increase in the capital stock, making workers more productive.
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