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Suppose that the Japanese yen rises against the U.S. dollar-that is, it will take more dollars to buy a given amount of Japanese yen. Explain why this increase simultaneously increases the real price of Japanese cars for U.S. consumers and lowers the real price of U.S. automobiles for Japanese consumers. 6.The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease. The Consumer Price Index increased by 10 percent over this period. What happened to the real price of telephone service?
Calculate Alex's income elasticity of demand for bagels and what is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
3. Would expanding coverage of pharmaceuticals to all Canadians necessarily cost more than is currently spent? Describe one approach to expanding pharmaceutical coverage. 4. Describe the four components of home care policies.
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Suppose that you are in the business of providing cat grooming services and you are a member of an association who has proposed legislation anybody wanting to offer cat grooming services would have to pay for extensive training and pass a series o..
Calculate the correlations between life expectancy and the two measures of GDP per person
You have been employed to manage a small manufacturing facility which has cost and production data given in the table listed below.
which would be least likely to cause the production possibilities curve to shift to the right a. an increase in the labor force b. improved methods of production c. an increase in the eduction and training of the labor force d. a decrease in unemploy..
What happens to the level of output and the price level in the short run and in the long run c. According to Okun's law, what happens to unemployment in the short run and in the long run d. What happens to the real interest rate in the short run and ..
Elasticity of demand for each of the following showing all calculations and
1) The probability of A is 0.50, the probability of B is 0.45, and the probability of either (i.e. P(A[B) is 0.80. What is the probability of both A and B?
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
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