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What determines import and export prices? Discuss in details.
Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, sells $100,000 worth of bonds that had been earning 5 percent per year, and uses the funds to open a bookstore. At the end of the year, sh..
Home’s demand curve for widgets is D = 5000-20P, where D is quantity demanded and P is the competitive price. Home’s competitive supply curve is given by MC = 100 + S/10, where S is quantity-supplied. In a competitive market, P = MC. Calculate the ef..
Why firms in artic nations are already developing specialized tanker ships and platforms for use in privately accessible artic areas? What are possible opportunity costs of opening Artic lands to private extraction of as-yet unavailable resource endo..
Provide a graphical example of what could potentially happen to the number of people employed in an economy if the government were to decide to raise the minimum wage; in addition, provide an explanation of what occurs when the minimum wage is increa..
Suppose the own price elasticity of market demand for retail gasoline is -0.5, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,550,000 annually. What is the price elasticity of demand for a representative gasoline reta..
An indifference curve that is convex to the origin has diminishing marginal rate of substitution: Find the marginal rate of substitution between x and y for the following function: Demonstrate mathematically whether each utility function above exhibi..
An individual utility function is given by U(c,h) = c·h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. The real hourly market wage rate the individual can earn is w = $20. This individual receives..
Consider the market for taxi service in Washington, DC. Use demand-supply analysis to explain the effects
The story of Coltan in the Congo is just one example of how an abundance of exploitable resources can often worsen or prolong military conflicts in nations that are too poor of ineffectively governed to protect these resources.
In the study of the demand for fast food, the variables gasoline consumption per capita and population density were included as:
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
Doctoral assistant ships of Ph.D students 50% have paid assistant ships. a random sample of n=200 students is chosen
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