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Q. Assume that the price elasticity of demand for cigarettes is .46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .5 and the cross price elasticity of demand between cigarettes and alcohol is -0.70. Assume also that the price of cigarettes, the income of consumers, and the price of alcohol all increased by 10%. Compute how more the cigarettes will change a) in the short term run b) in the long - term run.
What are some examples of behavior that at one time wire victimless crimes that are no longer criminal.
Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place.
Derive Chenyu's consumption function in terms of her annual income Y and initial wealth W according to the life-cycle model.
Illustrate the effect of increasing Government spending on all the macro-economic variables assuming a horizontal AS curve.
Compare social welfare under the bribe with social welfare in the case where the police officer always abides by the law.
Why might price collusion occur in oligopolistic companies. Evaluate the economic desirability of collusive pricing.
Explain your answer what would happen to the value of gold if public discovered that it could simply be made at home from inexpensive materials.
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The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
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The type of manuscript for this book was typed for free by a friend. Had I hired a secretary to do the same job.
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