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To encourage energy efficiency of homes, government offers tax credits for families that spend money to improve energy efficiency of their homes. Use a market model (graph) for home insulation products to show how the tax credit will influence the equilibrium price and output.
Joey, David, Tracy, and Surly own one track bicycle apiece, and they\'ve each modified to sell them as fixed-gear bikes or \"fixies.\" Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, Tracy at $200, and ..
Suppose that both countries are currently producing three pairs of boots and three shirts. Elucidate that both can be better off if they each specialize in producing one good and then engage in trade.
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. Explain what impact do you suppose farm subsidies are likely to have on the following?
What would happen to unit sales and total revenue of the book store sold a textbook at a lower price? Would this be elastic due to the fact that a college textbook would be a necessity versus a luxury? Also, if that is the case.. Can you please expla..
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 hours studying for both exams. Construct a table for the production possibilities and corresponding nu..
Primo Salt, Inc., manufactures salt, according to the following production function: Q(K, L) = 2L 1/2K 1/3 , where output Q is measured in tonnes, L in labour-days, and K in machine-days. Give the wage rate w (in $/labour-day), the number of machine-..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
There are 10 households in Lake Wobegon, Minnesota, each with a demand for electricity of Q = 60 – P. Lake Wobegon Electric’s (LWE) cost of producing electricity is. If the regulators of LWE want to make sure that there is no deadweight loss in this ..
Illustrate what would be the size of the resulting deadweight loss relative to the competitive outcome.
Explain the difference between Macroeconomics and Microeconomics. Also explain how economics is used as a social science and as a policy tool.
q.in 2009-2010 when the economy was in a deep slump the fed had taken interest rates to zero increase in money supply
At what prices is the demand elastic? In what price interval is the demand inelastic? How does revenue change from the elastic to the inelastic zone of the demand?
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