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a. Personal protective equipment used by technicians to administer heroic, end-of-life (i.e., perfectly inelastic demand) chemotherapy treatments are highly toxic after the procedure has been performed. Illustrate the market for chemotherapy with a supply and demand diagram. Indicate the private and social equilibria.
b. On your diagram indicate consumer surplus, producer surplus, and deadweight loss. Discuss any unusual features of the sizes of these three.
c. The government decides to implement a Pigouvian tax to finance waste cleanup. On a new diagram indicate the per unit tax to the government and total government revenue. Also indicate new consumer surplus and producer surplus.
You are planning engineer at Mayor American Airport, you and your team are attempting to decide how airport slots should be allocated
For this question, assume economists have revised their estimate of the price elasticity of demand for housing to -0.55 for a given range of the demand curve
What are the price elasticity of supply for both Chik-Fil-A and Chicken-R-Us?
Survey at least 15 people on their use of electronic games; then present the results in a brief report with charts. Your data should reflect such information as types of games, devices used, gender, and time spent.
Explain why a nation that imposes tariffs on imported goods may find its welfare improving should the tariff result in a favorable shift in the terms of trade.
For each of the following, indicate whether the random variable is discrete or continuous. a. The length of time to get a haircut
Suppose the interest parity condition holds and that the domestic interest rate is greater than the foreign interest rate. What does this imply about the current versus future expected exchange rate? Explain. Suppose the one-year nominal interest rat..
The government three functions that directly affect the level of GNP. a) it purchases goods tax revenues; c) it makes transfer payments. Explain how each of transactions are treated in the National Income Accounts.
The Regulatory Origins of the Flash Crash. On May 6, 2010, the stock market suddenly swung a thousand points. Nobody really knows why. But Dennis Berman, in the Wall Street Journal, has a clue: Maybe the regulators did it. He notes that it results fr..
For the range of prices that you are planning to charge, own price elasticity of demand is believed to be -1.5. Calculate the optimal (profit maximizing) price that you should charge. Show all calculations.
Is the current Monetary Policy expansionary or contractionary? Give your reasons for your answer.
Explain how it can be analytically sensible to have a temporary increase/decrease in technology. Explain under which conditions/assumptions this would be very difficult to assert.
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