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"When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries."
What is the implied price elasticity of demand by foreigners for a British education is (in absolute value). Explain.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
Why do you think the FED evaluates the money multiplier when making decisions with regard to the money supply What function does the money supply serve in our economy to influence certain economic variables
Explain what could happen in the future with each of these trends below and come up with three(3) more trends not listed and do the same analysis for your three additions.
Give some examples of waiting lines in everyday life. What decisions should managers of such systems consider? Try to consider the production line as well as waiting in the queue.
In the classical model with fixed income a decrease in the real interest rate could be the result of a(n): If currency held by the public equals $100 billion, reserves held by banks equal $50 billion, and bank deposits equal $500 billion, then the ..
draw a simple circular flow diagram with just firms:downstream firms that product final goods and services for consumption, and upstream in production only intermediate goods that are used by downstream firms in production.
Assume United States can produce Toyotas at the cost of $8,000 per car and Chevrolets at $6,000 per car. In Japan, Toyotas can produce at 1,000,000 yen and Chevrolets at 500,000 yen.
Several years ago, American Economic Review published a paper in which the author claimed giving gifts at Christmas was "inefficient." Instead of giving gifts, which the receiver might not want, it would be better to give money so that the recipie..
The total relevant cost of holding inventory in a plant for purchased materials is given, TRC = (6000/Q)(60) PLUS 0.30(12)(Q/2) PLUS 6000(12) WHERE Q IS THE ECONOMIC ORDER QUANTITY.
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes
Compute the elasticities for each independent variable and determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results
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