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Q1. Assume that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand varies from 1.5 to 0.75. Illustrate what can you say about total revenue curve over these two ranges of the demand curve as price falls?
Q2. Which of the following is a necessary condition - something that must occur- for nominal GDP to rise?
Q3. Assume that the supply curve for school teachers is Ls=20,000 + 350w and the demand curve for school teachers is Ld= 100,000-150w, where L= the number of teachers and w=the daily wage. Plot the demand and supply curves, Illustrate what are the equilibrium wage and employment level in this marketplace? Now, Assume that at any given wage, 20,000 more workers are willing to work as school teachers, plot the new supply curve and Find out the new wage and employment level. Why doesn't employment grow by 20,000?
Compute the percentage change in nominal GDP, real GDP also the GDP deflator.
A young physician makes $180,000 per year with an annual salary increase of 2%.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
decides not to play by the rules of the game. Then illustrate what could the final equilibrium position be.
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them also staff them with employees.
Elucidate the effects of an increase in business investment on the short-run macroeconomic equilibrium.
If a portion of the loans extended by commercial banks is taken as cash rather than as checkable deposits, the maximum money-creating potential of the commercial banking system will.
The narrator is consumed by the idea that human begings do not actually have free will. How is his free curtailed on the nadir, and how does he fight back.
Evaluate this monitoring system. What would you do differently? Consider the benefits as well as costs of any change you recommend.
Assume that after the exchange of one permit, the marginal cost of abatement is for the firm that sold the permit for $170 also the marginal cost of the firm
Give an example of an organization or business in your area that performs the "place" function, and explain why you picked this organization/business.
Express Illustrate what will happen also why to the firm's average fixed costs, marginal costs, average costs also profits as the firm makes its choices.
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