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Consider the market for coffee beans. Suppose that the prices of all other caffeinated beverages go up 30 percent while at the same time a new fertilizer boosts production at coffee plantations dramatically. Can you tell what will happen to the equilibrium price? What about the equilibrium quantity?
A. Both the equilibrium price and the quantity will rise.
B. The equilibrium price will rise but the equilibrium quantity will fall.
C. The equilibrium price may rise or fall but the equilibrium quantity will rise for certain.
D. Neither the price change nor the quantity change can be determined for certain.
E. None of the above.
Assume that: mpc=.6 Using the multiplier, calculate the change in GDP that results from a reduction of $80 billion in Investment, under all the standard assumptions. Illustrate this shift using the Investment Demand Curve and the Investment Schedule.
Let’s say the current administration decides to make a college education more affordable, so they establish a price ceiling of $50 per credit hour for community colleges, $75 per credit hour for four year institutions, and $100 per credit hour for gr..
Considering that poverty rates for some groups have gone down over the last 40 years, and have remained stable for everybody else, yet the overall poverty rate is still about 15%. Discuss whether you think we can ever get the poverty rate below 10%? ..
According to the Bureau of Labor Statistics, 8.3% of the labor force was unemployed in January 2012. A random sample of 100 employable adults was selected. Using the normal approximation to the binomial distribution, what is the probability that exac..
Ann owns a lawn mowing company. She has 240 lawns she needs to cut each week. Her weekly revenue from these 240 lawns is $8,400. If given an 18-inch deck push mower, a laborer can cut each lawn in two hours. If given a 60-inch deck riding mower, a la..
Explain how increasing returns to scale in production can be a basis for trade. If the foreign export supply is perfectly elastic, what is the optimal tariff that Home should apply to increase welfare? Explain. If the foreign export supply is less th..
A country with a comparative advantage in the production of a good will------------ production of the good and-------------
Your financial planning client wishes to have investment savings in 20 years that will provide $1.0 million dollars of purchasing power, measured in today's (real) dollars. The current balance of the client's investment account is $75,000. In today’s..
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply.
Explain WHY profits are maximized or losses minimized at the level of output where marginal revenue equals marginal cost.
How would the value of output produced at an American-owned factory in the United States and a foreign-owned factory in the United States be treated in GDP accounting?
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $12000 per year for 4 years, starting 11 years from now. The interest rate remains constant over this entire period of t..
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