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Solved Problem 3.3 claims that a new war in the Persian Gulf could shift the world supply curve to the left by 3 million barrels a day or more, causing the world price of oil to soar regardless of whether we drill in ANWR. How accurate is that claim? Use the same type of analysis as in the solved problem to calculate how much such a shock would cause the price to rise with and without the ANWR production.
Problem 3.3
Six out of ten teens no longer use watches to tell time-they've turned to cell phones and iPods. Sales of inexpensive watches dropped 12% from 2004 to 2005, and sales of teen favorite, Fossil, Inc., fell 19%. (Leslie Earnest, "Wristwatches Get the Back of the Hand," Los Angeles Times, April 16, 2006.) On the other hand, the price of inexpensive watches has not changed substantially. What can you conclude about the shape of the supply curve? Illustrate these events using a graph.
Which demand is income elastic? Which is income inelastic? Which are normal goods?
Explain how Ben's expenditure on flowers and water illustrates the paradox of value.
How would you run the auction? Do a benefit-cost analysis of the auction relative to how you currently buy or sell.
In each case, draw a budget line that shows her available choices, and indicate her best choice by adding indifference curves. Assume that Jane only cares about the number of peanuts, and not about the size of the bag.
An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a labor force of 1000 workers. Congress cannot dictate how many workers firms hire at the mandated wage.
suppose it is known that 10 of people who play poker machines have a gambling problem. suppose it is also known that 20
During this holiday, he gave his first Fireside Chat, a radio address where he explained his policies to the American people in plain language. After the four-day holiday, he still kept one-third of all U.S. banks closed (mostly small farmer banks..
Create a table that shows Total Revenue, Total Cost and Total Profit, (in your table, let quantity run from 0 to 13 in increments of 1.) Indicate in your table where both total profits and total revenues are maximized Q TR TC Tp
Explain the Oil Pollution Act of 1990, including why it was enacted, its general provisions, and OPA 90's effectiveness in terms of containing a major spill
If the rival does not enter, it earns $0 and the incumbent earns $500. If the rival enters, the rival loses $36 and the incumbent makes $132. Show the game tree. Should the monopoly buy the machine anyway?
A new truck can be purchase for $84,000. Its expected useful life is six years, at wich time market value will be zero. Annual receipts less expenses will approximatetely $18,000 per year over the six-year study period. Use the PW method and MARR ..
Is the report clear, professional, logical and well presented (verbal and writtenformat) - Does the content adequately do what the assignment specifies? Is there adequate coverage of themesin general, and for the specific country
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