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The cross elasticity between two goods has been measured at -1.2. How are the goods related? Explain. Give an example of goods for which this might be a reasonable measure of cross elasticity. Using a S & D model for each of the two goods in the example you gave, show how the change in the price of one good (an increase in Supply changes the price of the first good), will affect the market for the related good or second good.
On balance, should companies continue to allow personal technological devises on the job or should they disallow them? If they allow them, what policies should be put in place?
Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, ..
On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth? The Presentville – Futur..
What is the major characteristic of the class system of stratification
Discuss the behavioral impact of budgets from the perspective of the cost related budgets and financial statements.
Specific assets can create problems for a company. If a supplier invests in new machinery to deliver a part useful only to its biggest and best customers, it can find itself with:
My friend smokes cigarettes and argues that there should not be a federal tax on cigarettes. He asks me “If people want to smoke cigarettes why should they have to pay any more than a person that wants to chew gum?” What economic term dealing with th..
For each of the following events, with an AD and AS diagram, explain the short-run and long-run effects on output (or equilibrium GDP) and the price level. Assume that the economy is initially at full employment.
Full employment GDP is $11,000. Equilibrium GDP is $10,000. The marginal propensity to consume is.5. What could the government do to achieve full employment and price stability using a) government purchases and b) taxes?
(a) Find the value using the appropriate formula. (b) Find the value by interpolating between N = 40 and N = 45.
In Late November, OPEC agreed to cut oil production. For simplicity, assume OPEC is the only supplier of crude oil and no other alternatives are avaiable. In a supply and demand diagram for the market for crude oil, show the effects on price and quan..
Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises (AKA, PIE). Dewey has been doing some research into how he can increase the Company’s revenues and thereby really impress..
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