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The price elasticity of demand for cigarettes is 0.4. If government wants to reduce smoking in the population by 15 percent, by what percentage should it raise the price of cigarettes? Teenagers have a higher price elasticity of demand for cigarettes than people aged 20 and above. Suppose the price elasticity of teenager's demand for cigarettes is 0.8. If the government imposes a tax on cigarettes that raises the price to reduce overall smoking by 15 percent, by what percentage will the government reduce teenage smoking?
equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand.
A firm uses two plants (A and B) to produce the product. The plant's marginal cost functions are given by the following equations:
consider a classical long-run economy described by the following equationsy c i gy al ka 50l 400k 100g 0t 0c
The day after Thanksgiving, I've already invested time and money in training you, and don't have time to train a replacement; you suddenly realize you're in a strong bargaining position, and threaten to quit unless I raise your salary.
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. What is the result of the government’s actions?
what impact would a change that shifts an economys production possibilities curve outward have on the long run
Explain how this transaction would be recorded in your firm's financial statements. Additionally, your hospital has experienced negative levels of net income for the last five years. The total amount of accumulated deficits is $5 million
consider an economy that abides by the classical mode. the production function is unspecified but we know that the
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
Jeffrey has his own delivery business, but Discrimina has only paid him cash. Each time, Jeffrey has given the company a receipt for the cash. While he waits, he sometimes goes out for donuts for the crew.
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