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A scientist is studying factors which in?uence the population of lions in a particular jungle. In particular, she is investigating the effect of average temperature, average rainfall, number of related predators and number of prey. She believes that the number of lions should be a smooth function of the 4 predictors, and that the effect of the predictors have little interaction with each other. She would like a ?exible model that allows the effect of each predictor to be very different in different regions of the input values. Propose a reasonable model for this setting.
Elucidate how does consumer surplus after the discovery compare to Illustrate what would exist if the New Jersey oil were supplied competitively.
Which of the following will be recorded as a credit entry in the U.S. balance of trade in merchandise account?
A. On 10 June 2015 CNN Money reported that a bird flu outbreak resulted in 35 million of the more than 300 million egg-laying birds in the country being killed. The following questions explore the effects of this event on the market for eggs in a car..
Read this article; what is the most likely way that anti-gouging laws potentially can increase social welfare? They increase the deadweight loss for those companies who practice price gouging. The laws raise these companies' costs so that it is no lo..
q1. during the late 1980s wool prices increased considerably due in part to increased demand by china and the former
A water utility for a growing city is considering expanding their capacity by investing in a larger system of wells. Their long-run marginal cost of water provision is characterized by the function MC(q) = 5 + (2/3)(q) (q is in thousands of gallons)...
With everything else being equal, if the price level in the USA increases relative to foreign countries, then which of the following happens? If the real exchange rate between the USA and Japan is 0.35 then it means. If foreign countries increase the..
Suppose there is a decline in marginal costs for one member of a cartel. What impact will this have on the incentive of that firm to cheat on the cartel agreement? Explain.
According to studies undertaken by the US Department of Agriculture, the price elasticity of demand for cigarettes is between – 0.3 and – 0.4 and the income elasticity is about + 0.5. Suppose Congress, influenced by studies linking cigarette smoking ..
Construct a finite-state machine for an electronic door lock that implements the following rules: A user enters a string of three digits, one digit at a time.
In case of conflicting IP rights, could firms bargain to attain efficient outcomes. Is re room for entry if consumer welfare is not being served.
Derive the supply curve for this individual firm. If market price is equal to p=50 what quantity would be supplied? There are only 10 firms in the market. Derive market supply curve. Assume demand is given by: P=100-Q. What would be the equilibrium p..
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