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1. What is the Preston's coefficient for copper on theoretical grounds?
2. What is the experimental value of Preston's coefficient? Use data from Figure 16.5.
3. How do the polish rates of tungsten, silicon dioxide and polymers compare with each other?
Find any differences in the set of variables used in a regression model of demand for customer durable and a regression model of the demand for fast moving consumer goods
Why does this result in imperfect competition? How can international trade be based on product differentiation?
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
We learned that economists have special terms for elasticities of particular magnitudes. Name the magnitudes for the following: inelastic, elastic, unit elastic, perfectly elastic, and perfectly inelastic.
What price maximizes the sum of their profits? How much profit does each firm earn when they charge the same price and maximize the sum of their profits? What price maximizes profit for HH Gregg when Best Buy's price = a?
According to a recent study, kids aged 12 to 17 watched an average of 3 hours of television per day. Suppose that the standard deviation is 1 hour and that the distribution of the time watching television has a bell-shaped distribution.
Let's explore the business of Charlie the Weaver. He owns a loom which he could sell for $100,000, but instead uses himself. He spends 1250 hours per year on his weaving. He makes little square placemats of different Hollywood scenes that sell for..
There are two invididuals. The first (individual A) has the utility function \(u^{a} = x_{1}^{2} + x_{2}^{2}\) , x>=0, and endowment (1,2). The second (individual B) has utility function \(u_{b} = x_{1} + ax_{2}\) , a>0, x>=0, and..
If the firm can only produce one product and seeks to maximize weekly profit, write a condition that indicates when the firm should choose to produce Product 2 (where this condition is a function of the number of units sold per week).
Suppose the state outlaws sour kiwifruit, and they disappear from the market. What happens to the equilibrium price of kiwifruit? What is the equilibrium quantity of sweet kiwifruit?
Suppose the economy is in a short-run equilibrium where Y
Why are ideological terms like capitalism and socialism inadequate for assessing the workings of the laws of demand, supply, and their equilibration? Why are they inadequate for evaluating the roles of government and obligation?
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