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You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers. Recently, one of the town's largest employers shut down a factory, resulting in an unemployment rate of 10.2%, well above the national and state averages. Due to relatively attractive property values, Wal-Mart has proposed building a mega-store in your town. Midville's independent shopkeepers, who strongly supported your last campaign, argue WalMart will drive them out of business. They have approached you to sponsor an ordinance to prohibit Walmart's store in Midville. Walmart has told the council they may approach Smailville, 15 miles down the road, if they can't build in Midville. Assume there are five members of the council, and the other four are split on the issue. What do you do, and who is damaged or helped by your action?
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
What is the level of price, output, and amount of profit for an unregulated monopolist? Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? ..
Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
Suppose that American households change their tastes such that they want to save more at every level of income.
List and explain the sources of expenditures in economy by focusing on the 4 major sectors of economy.
The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours Per week (Q T ) supplied to the market.
At what price will she buy four visits? Eight visits? What is the elasticity of between a price of $5 and $6 per visit? Between a price of $29 and $31?
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
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