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Suppose an econometrician determines that the price elasticity for a firm's product is constant with value (q) = 3 for all sales levels q. If the firm's marginal cost is $4, then what price should it set?
Forestry products account for nearly 3 percent (%) of Canada's GDP also 14.1 percent of its exports.
Who is the winners and losers from using corn to produce ethanol (gasoline)? Identify some of the unintended consequences of using corn to produce ethanol (gasoline).
Illustrate what is the marginal revenue product function. Assume which most workers in Pakistan work 48 hours per week also which there are four weeks in a month.
What is brand loyalty? Name three products each for which you have (a) high brand loyalty and (b) low brand loyalty and explain why for each of the six products.
Drexoogle has developed the first computer (the “earpod”) that fits in one’s ear and functions as a phone, can tell you the time, and will conduct Google searches all in response to a person’s voice commands. What is the price and quantity that maxim..
As you know, the Affordable Care Act expands coverage for low-income US citizens by giving them access to Medicaid. As you also know, not every state has taken advantage of this Medicaid expansion. What economic argument can you make for expanding Me..
Why doesn’t the Fed simply keep increasing the growth rate of the money supply at faster and faster rates to drive the unemployment rate lower and lower? Wouldn’t the gains in terms of faster output growth far exceed the losses from inflation?
If price lowered from $10 to $8 and quantity demanded rose from 50 to 51, calculate elasticity; state whether demand is elastic, unit elastic or inelastic and find out how much total revenue was when the price was $10 and $8.
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Draw several indifference curves to illustrate ..
"In a 2x2x2 Heckscher-Ohlin context, when a relatively labor-abundant country moves from autarky to trade, the real return to capital in the import-competing industry decreases and the real return to capital in the export industry also decreases."
A decrease in the money supply leads to an initial increase but a long-run decrease in the equilibrium interest rate if the _____ effect dominates other effects.
Calculate the variance of x=(6, 8, 10 ) BY HAND, showing all the necessary calculations. Calculate the variance of x=( 1, 4, 2, 5 ) BY HAND, showing all the necessary calculations. Calculate the standard deviation of x=( 1, 4, 2, 5 ) BY HAND, showing..
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