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Revisit the relationship between the slope and the concept of elasticity.
What is the impact of “time” on elasticity values and applications?
What would happen to the demand for luxuries and necessities if wealth were to be redistributed from the wealthy to the poor?
Why does the MR bisect the OD distance on the X-axis? (Recall the diagram from my lecture).
What is the best case scenario between Marginal Revenue and Total Revenue? Do we want Total Revenue to be maximized and Marginal Revenue to be equal to zero or do we want Total Revenue to be rising and Marginal Revenue to be positive?
Also, research and discuss the concept of “conspicuous consumption” and of “Institutional Economics.”
OD is the distance from the point of origin between the X and Y axes and the intersection of the D-curve with the X axis. The OD distance, is the distance on the diagram from the point of origin to number 120.-The Marginal Revenue (MR) MUST ALWAYS bisect the OD distance on the X-axis! (The MR bisects that distance at the value of 60). Why does this happen? Please see Elasticity Diagram at the top of the assignment description.
An agricultural experiment examined the response of corn production (output C) to variations in two inputs pounds of nitrogen fertilizer per acre (N) and the number of corn plants planted per acre (P). Thus, the production function is on the form C =..
Consider the following Cobb- Douglas production for red bean coffee. q=(l^0.2)*(k^0.5). intutively, why are cobb-douglas production function more appropriate representations of reality than, say, linear production functions?
Suppose that the Fed unexpectedly pursues contractionary monetary policy. What will happen to unemployment in the short run? What will happen to unemployment in the long run? Justify your answer using the Phillips curve.
Explain the difference between income effect and price effect in intergovernmental aid systems by also explaining the difference between foundation aid systems and power-equalizing aid systems
Who benefits from a tariff or quota? Who loses? Why would domestic markets benefit from protectionist trade policies? How do protectionist trade policies affect a government’s wealth and fiscal policy?
Elucidate how economics regulation affects the market of telecommuniciation. Explain the entities affected by industrial regulation in terms of market structure.
Based on the NYT article offered below about natural gas fueled long-haul trucking, use the market model (the supply and demand model) to predict what would happen to the equilibrium price and quantity of natural gas, crude oil, and gasoline. After c..
If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this range, demand is:
The Food and Drug Administration (FDA) just gave you the approval to sell your new patented drug which reduces the aches and pains associated with doing IO homework. You spent 10 years and $1.5 billion to market this drug under the brand name eazIO. ..
In the monetarist model
You purchase a 20-year bond today with a $10,000 face value that makes annual coupon payments at a 5% coupon rate. If the yield to maturity on 20 year bonds at the time of purchase was 4%, how much did you pay for the 20 year bond? After holding the ..
An athletic director was once quoted as saying that he felt his school spent too much on athletics but that it could not afford to stop.
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