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The price of Shoes in Japan is Yen 1000. When exchange rate is Yen=$1/100, the Quantity of Imports of Shoes from Japan is 150000.
Today, the exchange rate is Yen=$1/200, and the Quantity of Imports of Shoes from Japan has risen to 200000
What is the elasticity of imports? (Use the situation with Yen=$1/100 as the starting point)
(a) Write the null hypothesis and alternative hypotheses mathematically and state which one is the claim.
What is reversal of preferences in lamen terms as it relates to decision-making?
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What would be the theoretical maximum revenue and quantity given this demand schedule?
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Problem: Explain whether the following functions are monotone or strongly monotone:
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