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If the demand for a product is unit-elastic, a 25 percent increase in its price will result in: a. no change in quantity demanded. b. a 25 percent decrease in quantity demanded. c. a 25 percent change in total revenue. d. a 100 percent change in quantity demanded. e. a 1 percent increase in quantity demanded.
What interpretation would you give the exponent for R? Why do you suppose R was included in the equation as a variable?
q1. from a random sample of 500 registered voters in la 400 indicated that they would vote in favor of a proposed
The economy is starting from a point of disequilibrium as there is a recessionary gap. Potential GDP is $600 billion and the recessionary gap is $50 billion. An economic shock then hits this economy and there is a sudden drop in the value of the Cana..
q1. suppose the environmental standard is too stringent. what does this imply about the relationship between the msc
The price of a commodity in New Zealand is NZD10, whereas the price of the same commodity in Australia is AUD6. The current exchange rate (NZD/AUD) is 1.15. (a) Is there violation of LOP? (b) If so, what will happen? (c) What is the Australian dollar..
Calculating MPC, In one year, a consumer's income increase by $400 and her consumption increases by $120. Her marginal propensity to consume is equal to.
Use of discretionary policy to stabilize the economy should the government use monetary and fiscal policy in an effort to stabilize the economy? The following questions address the issue of how monetary and fiscal policies affect the economy, and the..
Consider the following two mutually exclusive alternatives for reclaiming a deterioring inner-city neighborhood (one of them must be chosen). Notice that the IRR for both alternatives is 27.18%. If the MARR is 27.4% per year, Which alternative is bet..
Firms operate in a market structure that approaches perfect competition typically are known as "price takers", i.e., the individual firm can only expect to get the price dictated by supply and demand conditions and the decisions of the individual fir..
Gomez runs a small pottery firm. He hires one helper at $15,500 per year, pays annual rent of $5,500 for his shop, and spends $21,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
The current price Upper P Subscript t of a share of DuWop? (a publicly traded? company) is? $25. Which of the following price movements? (in the next time? period, Upper P Subscript t plus 1 ?) is consistent with a random walk LOADING... ??
Rosco has a utility function over money = log(I) where log is base 10 and I is money. His initial income (I) is $1000. Suppose he must accept one of three bets: Graph each of these of a utility-of-income graph with income on the horizontal and utilit..
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