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After learning the basic estimation techniques in CH 4, which of the following regression models will you choose to explore how population and income determine the demand on pizza and obtain the estimation of "constant" income elasticity of demand on pizza? Please brief explain your choice.
What is the annual worth of a machine that has a first cost of $10,000, a useful life of 10 years, an annual operating cost of $5,000 per year, and a salvage value of $2,000 at an interest rate of 10% per year?
Look back at Exhibit 1 in this chapter. How would you explain the shift of the U.S. income distribution in the last two decades?
What are the economic justifications that economists have enumerated for quotas, restrictions and taxes on international trade? What are some of the economic implications of a society imposing a tax on imported goods? Does it matter if the goods are ..
If a 10% decrease in the price of gas causes a 30% increase in the demand for standard sized autos, then the cross-price elasticity of demand is: If the price elasticity of demand of for gasoline is 1.8, then a 15% decrease in quantity demanded is ca..
Economists have devoted a lot of effort to estimating the natural rate of unemployment in particular countries at particular times. Is this a useless academic exercise, or are there good reasons to want to know this number? Explain.
The demand curve for cookies is down word sloping, when the price of cookies is $2, the quantity demanded is 100. If the price rises to $3, what happens to consumer surplus?
Shadow pricing is a key element of cost benefit analysis. Explain what shadow pricing is and why it might be necessary to use it in a cost benefit analysis study. (B) Outline and explain two shadow pricing techniques
If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
Use Dr. Scott-Clayton’s testimony to answer the following questions.a. What are two lessons learned about financial aid? Explain b. What are two ways financial aid policy could be reformed in order to better serve students? Explain
The insidious nature of anorexia creates strong resistance to weight gain and all strategies to promote weight gain, even in the face of permanent, lifelong physical ailments and even death. Considering this dilemma, do you believe that someone has t..
What are exchange rate stabilization techniques for big firms with international branches that try to reduce their tax liabilities?
Explain how to measure the price elasticity of demand and supply and the cross-elasticity income elasticity of demand? Explain the elasticity of supply for gasoline?
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