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Electric cars: Now consider the invention of cheap electric vehicles. Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected? Show graphically with before and after curves on the same axes. How will this change the equilibrium price and quantity of gasoline? Explain your reasoning. (Be sure to identify which of the following apply: the cost of production, a change in technology, tastes and preferences, income, the price of substitutes or the price of complements affects equilibrium price and equilibrium quantity)
q1. due to the housing bubble many houses are now selling for much less than their selling price just two or three
The production function of a firm is given in the table below.
An equipment rental firm purchased a new scissor lift to add to its rental fleet. The scissor lift cost $18,000 and is expected to have a useful life of 4 years. The salvage value at the end of the lift's useful life is estimated to be $4,000. determ..
If two goods are supplements, their cross price elasticity will be:
An economy has $72, to divide between Hamlet and Ophelia. Hamlet has the utility function u[H] = U[H] (m[H]) = 3m[H], where m[H] denotes his quantity of money. Ophelia has the utility function u[O]= U[O](m[O]) = 42sqrt(m[O]), where m[O] denotes her q..
If the price of coffee increases, we get a positive rate of inflation, even if no other price rises. Is this really inflation? Explain.
Which of the following is found in the Eighth Amendment to the U.S. Constitution?
Explain why the reduction in employment would be less than 5 percent in the latter case. In light of the short-run elasticity of demand for migrant workers, how easy do you think it would be for the industrial farms to replace the workers’ efforts by..
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
In the _____, households receive goods and services and pay firms for them
Call P the unit price of each stamp and find out how many stamps and how many photocopies the firms purchase depending on the value of P.
A person signs an agreement to offer personal services over a period of five years. The company that hires him, offered to pay him an advance of $30,000 for his professional services at the moment of signing the contract and five additional payments ..
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