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a) Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in the Greater Boston’s housing market during this period. On your diagram show the equilibrium point in 2009 and the equilibrium point in 2014. Label the axes and all the relevant curves.
b) In the same period, the median price of a single-family home in the region increased by 12 percent (faster than inflation). Can your diagram above explain why prices had to increase markedly during this period? Was the supply of housing inelastic or elastic?
The Taos Pueblo is an ancient American Indian community in New Mexico that admits tourists. The admission fee is $5 per car plus $5 per camera. Give an explanation for this based on price discrimination. Give an explanation for this that is NOT based..
For the price function p(x) = 10 − sqrt 3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1240 items are sold. [Hint: Revenue is price times quantity.] $ How much will the..
Temple Corp. is considering a new project whose data are shown below. The equipment that would be used has a 3-year tax life, would be depreciated by the straight-line method over its 3-year life, and would have a zero salvage value. No new working c..
Jasmine’s Snack Shop sells two brands of potato chips. She produces them by buying them from a wholesale supplier. Brand X costs Jasmine’s $1.00 a bag, and Brand Y costs her $1.40 a bag. Draw Jasmine’s production possibilities frontier if she has $28..
Draw the production possibility frontiers for the 2 countries. Draw the world relative supply curve for manufactures.
Did you know that many large countries utilize a national sales tax, or value added tax, to raise revenues? What if, -in an effort to FIX THE ECONOMY, the U.S. decided to do this? What other countries are doing this and to what degree of success?
Assume that New York City’s economy has made a comeback. That and other trends have resulted in more rich people and more extremely rich people in New York City (NYC). What has the booming economy done to the market for renting apartments in NYC?
q. firms like papa johns pizza hut as well as dominos sell pizza and other products that are differentiated in nature.
q.auto company comprises small plant that produces speedometers exclusively. its yearly fixed expenses are 30000 and
Ghose and Han? (2014) found that the elasticity of demand for Google Play apps is negative −3.7. This elasticity applies to a small college town where approximately? 1,000 apps per month are sold. If price rises by 22?%, what would be the effect on q..
The cost leadership approach implicates competing by having a lower cost than one's competitors
From a geographical standpoint, why is SPACE so integral to the survival of Capitalism as an economic system?
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