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Use a supply and demand diagram to illustrate effects on equilibrium market price and quantity of firewood used for household heating. Clearly explain any changes depicted in your diagram. State any assumptions you are making as part of the analysis. Use one diagram to describe both: (a) A bushfire destroys large reserves of firewood; and (b) An increase in the price of electricity relative to other forms of household heating.
Derive the supply schedule from the following supply function: QS = 10P Derive the supply schedule from the following supply function: QS' = 20 + 10P
In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. They anticipate a deviation rate of 2 percent. What type of sampling pl..
You're sitting at the Starbucks near campus when Dr. Lamascus, who is sitting at the table next to you, throws his magazine down on the table. The headline of the article he was just reading states, "The Future of Higher Education: Explain, how you s..
how many pineapples will she consume? If her income increases to $120, how many grapefruits will she consume? Are grapefruits a normal or inferior good?
Why might the U.S. have a comparative advantage in bioinformatics but not in manufacturing and steel making.
Discussion on game theory concept, basic application for planning also how game theory is used to model behavior; types of games and how they are played.
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, what is the value of government securities the Fed must purchase if it wants to increase the money supply by $2 million?
Under what circumstances is objective function more important than constraints in a linear programming model. Under what circumstances are constraints more important than objective function in a linear programming model.
Assume Al and Bob are fans of the Chubs. Their willingness to pay for Chubs’ preseason and regular-season games is noted below. Pre-Season: Al = 200 Bob = 300 Regular-Season: Al = 800 Bob = 600 If the Chubs were to sell the pre-season and regular-sea..
Review the “EYE on Your Life” caption titled “Allocation Methods, Efficiency, and Fairness” on page 161 in the textbook. Briefly describe whether these resources were allocated efficiently. Think about how you can check whether marginal benefit equal..
Hulk goes to the gym 20 times a month. His income is $1000 per month and his visits to the gym cost $4 per visit. For simplicity, assume all other goods that Hulk consumes besides the gym costs $10 each. Assume Hulk exhibits diminishing marginal rate..
Hurricane Katrina damaged a large number of oil refineries in the Gulf Coast, causing a large increase in crude oil prices (crude oil is a key input in producing gasoline). After the hurricane came, all consumers expected that the gasoline price woul..
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