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What does price elasticity of demand tell us about the impact of a price increase on total revenue? What are some goods with highly inelastic price elasticity of demand and how does governmental taxing policy take advantage of that?
What are the force and torque experienced by a system having a total dipole moment equal to 10?7 Cm in the negative z-direction?
Discuss two reasons that government should intervene in the operation of free markets and give two examples of real-world government policies or programs motivated by these reasons.
Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
Howard Bowen is a large-scale cotton grower. The land as well as machinery he owns has a current market value of $4 million.
What is the present worth of a series of equal payments of $5000 made every two years for the following time frames? The nominal interest rate is 8%. For a period of 40 years? In perpetuity?
Think about our economy. Irrespective of economic conditions, we consume many goods and services in various quantities. There is a constant allocation and re-allocation of resources. How does this happen? What economic mechanism helps allocate resour..
Spalding Doughnuts wants to know about its waiting line. Currently, Spalding Doughnuts uses a single-server, single-phase system when serving customers. What is the average number of customers waiting in line? What is the probability of having more t..
Do you agree with the US automakers' assertion that having to pay healthcare and post-retirement workers to the labor force negatively impacted US comparative advantage in the auto industry? Why or why not?
Fiscal policy changes automatically when output and employment fluctuate a. Explain why tax revenue changes during a recession b. Explain why government spending changes during a recession c. If the federal government was required to operate under a ..
Many would argue that in a capitalistic economy, the government cannot provide goods and services as efficiently as the private sector. For example, most arguments for and against the Affordable Health Care Act centre on the efficiency of the governm..
Illustrate what implications would increasing worker protections have upon the ability of American companies to compete globally.
Suppose there are only two people in society. The demand curve for person A for mosquito control is given by qA=$100−P. Suppose mosquito control is a nonexclusive good – that is, once it is produced, everyone benefits from it. What would be the optim..
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