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You own a hot dog stand that you set up outside the student union every day at lunchtime. Currently, you are selling hot dogs for a price of $3 each, and you sell 30 hot dogs a day. You are considering cutting the price to $2. The following graph shows two possible increases in the quantity sold as a result of your price cut. Use the information in the graph to calculate the price elasticity between these two prices on each of the demand curves. Use the midpoint formula to calculate the price elasticities.
Is energy efficiency the same thing as economic efficiency and under what circumstances would the energy-efficient automobile described here be economical efficient?
How does an increase in disposable income affect the consumption function? How does an increase in expected future income affect the consumption function?
Suppose that in an economy a $40m increase in consumption leads a $200m increase in national income. Calculate the value of this economy's marginal propensity of save.
Discuss the effects on a country's current-account balance from the following changes in tax rates. a. A permanent increase in the tax rate on labor income and b. A temporary increase in the tax rate on asset income
when the price of a top-of-the-line luxury sedan was 85000 there were 6184 sold. several years later when the price
In a minimum of 250 words in your initial response post, discuss the impact of World War II on baseball. Describe the relationship that baseball had on American civilians
discuss the differences between the microeconomic definitions of supply and demand and the macroeconomic differences of aggregate supply and demand. Discuss what determines supply and demand and aggregate supply and aggregate demand.
the manager of global opportunities for a U.S. manufacturer, who is considering expanding sales into Europe. Your market research has identified three potential market opportunities: England, France, and Germany.
Discuss and explain the differences between short and long run costs and for the short run, discuss what the relationship is in cost theory and production theory and concept of diminishing returns?
d. Describe algebraically the inverse demand curve faced by the firm in this instance. Provide a graph that is consistent with your answer. Based on this graph, explain why this is called the kinked demand model. (Hint: the equation for th..
Martha is preparing for exams in economics and sociology. She has time to read 40 pages of economics and 30 pages of sociology. In the same amount of time she could also read 30 pages of economics and 60 pages of sociology.
Discuss the impact of long-term economic growth
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