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If a new technology in the U.S. shale oil extraction could produce crude oil even more efficiently; at the same time, the U.S. federal government decided to subsidize people for electric car purchase, what would you expect the gas price change in the U.S. market? Please explain your answer in the language of economics by stating the possible shift(s) of demand and/or supply curves in the gas market.
George and Jane are next-door neighbours. George likes listening to pop music at high volume but hates opera. Jane likes listening to opera at high volume but hates pop music. What is the externality in the above case? Why might the Coase theorem not..
Explain the impact of each the following on the equilibrium prices of bonds. (i) Inflationary expectations in the economy fall evoking a much stronger response from issuers of bonds than investors in bonds. (ii) All leading indicators point to strong..
The Whopper Co. is a manufacturer of gumballs. The technology and know-how to do this are well known in the scientific and engineering community in Whopper’s home country, where gumballs have been popular with consumers for decades. Now Bubble Co., a..
Suppose that the price didn't change. Elucidate amount of income that Ms Ramirez has to give up to have the same level of utility as if the price had changed.
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of this income distribution. Do the top an..
Explain whether each of the following is a (1) discretionary fiscal policy, (2) an automatic stabilizer, or (3) not a fiscal policy. Government spending on infrastructure, such as highways and bridges. Treasury Department’s sales or purchases of gove..
Are there any types of goods or situations where the law of demand does not hold? Explain with examples.
Vaccinating people against a communicable disease such as influenza not only reduces the chances that the person vaccinated will catch the disease but also reduces the probability that an epidemic of the disease will occur. Which of the following ..
A brochure reads, “Excellent interest rate of 12%.” Find the effective interest rate if compounding occurs quarterly, monthly, weekly, daily and continuously?
In a recent conversation a policy maker argued that since DEWA is monopolist, they are charging higher price and lower output is produced. He further mentioned that government should split the entire unit into small pieces so that competition can dri..
Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variab..
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research AT&T spends $15 million on related paper work and compliance costs. Depending on the locale, telecom taxes can a..
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