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How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years? What alternatives do you have for buying gasoline? Could you change to zero consumption of gasoline in the short run? In the long run? In the short run, when the price of gasoline increases, what happens to the income you have to spend on other goods?
At the end of 1987, you bought a piece of land for $35,000. In addition to the $35,000, you paid $1,700 in closing costs (costs associated with the purchase and title registration). For the years 1988 through 2002, you paid, on average, $950 in pr..
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Suppose the cross price elasticity of demand among peanut butter and grape jelly is negative.
Explain why do you think that whenever the government needs to raise their revenue they usually decide to increase the tax on items such as gas
The MorTex organization assembles garments entirely by hand even though a textile machine exists which can assemble garments faster than a human can.
Determine the main effects and differences of short term economic policy management and long term management?
Assuming the phone company has to charge the same monthly rental fee and unit price to all its customers, at what level should it set these charges?
The following quotations are from an article in the Financial Times on November 9, 2007:
Television channel operating profits vary from as high as 45 to 55 percent at MTV and Nickelodeon down to 12 to 18 percent at NBC and ABC. Provide a Porter Five Forces analysis of each type of network. Why is MTV so profitable relative to the majo..
Ignoring transaction price explain how much would a buyer have to pay for one call option contract.
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