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Give examples of how to use the concept of elasticity 1) including an explanation of why or how businesses might use the concept of elasticity; and 2)Give examples of negative/positive externalities, defend your position on why you be believe they are externalities. What can governments do to correct for these market failures?
One of these firms is considering opening up a new product line, in a market in which it would be the only firm. So, adjusting the notation to now capture demand in the monopolistically competitive industry with Q1(p1) = 140 − p1, and the demand it w..
Suppose that the total market value of all the final goods and services produced in the country of GDPLAND is $34 billion in 2008 (measured in 2008 prices) and $36 billion in 2009 (measured in 2009 prices). Which of the following statements is def..
Is the equilibrium price higher or lower, or is the change indeterminate. Is the equilibrium quantity higher or lower, or is the change indeterminate.
Which one of the following is based on the idea that the marginal utility of income diminishes as income increases?
If the Japanese central bank maintains the disequilibrium fixed exchange rate of 150 yen per U.S. dollar, what happens to Japan's foreign reserves?
The market where business sell goods and services to households and the government is called
Why do some low-wage countries, such as China, pose a threat to manufacturers in industrial countries, such as the United States, whereas other low-wage countries, such as Haiti, do not?
If a firm in a competitive labor market offers less than the market wage rate, it will:
Johnny continues to consume burgers and steaks. His utility function is U(xB; xS) = xBxS. The price of burgers is $1, the price of steak is $2, and his income is $40 a day. What is the largest number of burgers that Donna could demand from Johnny in ..
Suppose that the index of prices recieved by famers for 2003 was 0.97 and the base year of the index was 1990. Then
Assuming that the economy is in the long run equilibrium at full employment, an increase in the money supply will cause a:
Find the short run industry supply curve (or equation). Find the short run: price, industry output, firm output, and firm profit. What are the long run price(s) and quantity (ies)? Suppose the industry as in E above becomes a monopoly. Find the long ..
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