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Consumers may conclude that prices in their city increased at a faster rate than reflected by changes in the CPI. How might it be possible for some consumers to experience more inflation than the national average reported by the CPI?
Danny “Dimes” Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.5 each, he sells 100. What is the elasticity of demand? Is demand elastic or inelastic ove..
Suppose that the demand for and supply of bonds both change with the state of the business cycle. In economic expansions, the demand for bonds is given by the equation D=200+2,000r; and the supply is S=500-1,000r. Given these equations, what is the e..
Can you tell whether this firm is in a competitive industry. If so, can you tell whether the industry is in a long-run equilibrium.
Explain how it can be that something that an accountant calls a profit is actually a cost from the economist’s point of view. What is the difference between economic and accounting profits?
When patent protection expires for a pharmaceutical company, it forces changes within the company to adjust its business strategies from a monopolist position to a position that is much more competitive. What happens to the average total cost curve f..
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
q.evaluate relationship among the european euro crisis in 2012 as well as the american economy. evaluate how this
Consider a two-period economy with a single commodity (say leisure): x1 is the consumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his li..
Calculate Lola's utility maximizing bundle and her resulting utilitylevel if the government chooses to simply give her the money theywould have spent on the program (rather than subsidize housing).Given the two programs cost the same, which one is..
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
Calculate the price elasticity of gasoline. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus. Because there is no viable s..
q1. manipulate demand of price elasticity. suppose that 50 units of a good demanded at a cost of 1 unit. a reduction
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