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Suppose the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, would you expect a ________ in the price of olive oil.
A: Large increase
B: Small increase
C: Large decrease
D: Small decrease
E: No change
The marginal damage to your neighbor's business is a function of how many alligators you keep and the amount of money spent on a fence that separates your properties:
Compare and contrast the three different perspectives on sustainability. What is your perspective and how would you classify it given the three general views of sustainability we discussed? Consider what you have learned about the economics of non-re..
Suppose two firms compete by selecting quantities q1 and q2, respectively, with the market price given by p = 1000 – 3q1 -3q2. Firm 1 (the incumbent) is already in the market. Firm 2 (the potential entrant) must decide whether or not to enter, and if..
According to the article "Homophobia as a Weapon of Sexism," by Suzanne Pharr, which statement is false? The Declaration of Sentiments and Resolution at the Seneca Falls Convention in 1843 was a short but powerful document that focused primarily on i..
Illustrate what are some of the damaging effects deflation has on an economy. Elucidate what would be a monetary policy prescription to reduce or eliminate deflation.
Draw a simple circular flow diagram showing the flow of dollars, goods & services between households & firms. Explain why the dollar flow out of households and into businesses must be equal. Is the same true in the expanded circular flow? Explain.
Suppose taxes are measured in cents as in the first case, but consumption is measured as gallons consumed every month.
Illustrate what implicit assumptions is the publisher also the analyst making about price elasticity.
The postal service carrier works on Sunday delivering special high-priority letters. She can deliver 15 letters per hour. The hourly fixed costs (vehicle depreciation, insurance, etc.) equal $42, and the hourly variable costs
An investor would like to purchase a $2,000,000 new apartment house and has two financing options under consideration: Option 1 includes a 70% loan to value mortgage for 15 years at 6.5% interest and 3% closing costs. Compute the APR for each mortgag..
The ratio of consumer liabilities to consumer financial assets rose from just over 10% in 1950 to more than 30% in 2009. However, recent researches points to a number of factors that bear on the consumer’s decision of when and how much to borrow. How..
Compare to a monopolistically competitive firm with a higher marginal cost, a firm with a lower marginal cost will. Which of the following is true regarding trade costs associated with national borders? For the following, specify whether th eforeign ..
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