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Consider the following two products: sandwiches sold in a cafe and hotel accommodation in Melbourne on the weekend of Formula 1. Which product would have a higher price elasticity of supply in absolute value? Explain your answer including identifying the determinant of elasticity.
In two pages: What are the differences between a Scanlon Plan and a Rucker Plan? Which do you think would be more beneficial to employees? In general, do you think gainsharing plans are a good idea? Does your answer depend on whether or not a union i..
Mathematical Monopoly Problem. Suppose a monopoly firm is operating using the following information. Calculate this firm’s profit-maximizing price, quantity, and profit.
Define fragmented and consolidated industries. What are the differences between these two types of industries? What opportunities and advantages do consolidated industries offer that fragmented industries do not?
Suppose that the monetary authority wants to keep the nominal interest rate, i, constant. Assume that the real interest rate, r, is fixed. However, the real demand for money, M^(d)/P shifts around a great deal. How should the monetary authority vary ..
Discuss the potential problem with a temporary tax decrease designed to increase aggregate demand if people know that it is temporary?
Suppose that good X is on the horizontal axis and good Y is on the vertical axis. Good X costs twice as much as good Y. Ann chooses a bundle that takes up all of her budget. However, the MRS of X for Y at this bundle is greater than 2. Please illustr..
The incredible shrinking $50 bill in 1957 was worth $50, but in 2007 it is worth only $6.16. What was the compounded average annual inflation rate (loss of purchasing power) during this period of time? Fifty dollars invested in teh stock market in 19..
1. Best Buy offers a protection plan for new smartphones at $132. The absolutely most expensive iPhone you can buy right now is $700. Assume for a moment you are a very cautious but forgetful person:
In a competitive market, the quantity of a product produced and the price of the product are determined by A. sellers. B. buyers. C. both buyers and sellers. D. None of the above is correct.
What is the difference between a monopoly's marginal revenue curve and a perfect competitor's marginal revenue curve
A product has a negative income elasticity. What does that measure tell us about the product? Answer should be two paragraphs.
How might the majority voting model be used to explain the growth of government expenditures? (a) Should changes in median or average income better explain increases in the demand for government services? (b) What should be the effect of an increase ..
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