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A hospital has just increased its lab fee from 34 to 62. As a result, the volume for the lab tests has decreased from 156 to 53. What is the price elasticity [E] of the lab test? (hint: use the point estimate formula and keep one decimal space)
Mary Carey, a clever 3360 student, has borrowed $125,000 at 8% from her parents. She is asking Dragon Kevin for $75,000 to start her own business. Kevin requires that the business make a 12% rate of return. If they both agree, what is Mary's before-t..
In this Assignment, you will select a GLOBAL Fortune 500 company (it cannot be a company you work for) that operates in the United States and in other nations around the world. Summarize the firm’s history, the economic, social, and political forces ..
Select an article from The Wall Street Journal or some other business or economic periodical that relates to the economic topic(s) covered in Workshop Two. Prepare a one to two page analysis of your article . Be sure to include the topic, the author’..
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome.
P is the price measured in a common currency used in both countries, such as the Thai Baht. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Consider a subway company whose cost function is given by C(T) - 1000 + T. Due to the government regulation, this company must set the fare per passenger at the marginal cost (MC pricing). Is this pricing efficient? Would this company run the busines..
Jim Dandy had a very? short, but? illustrous, football career. The best news is that he thought about saving some of his earnings. Jim was able to save ?$22,750 each year during his seven-year ?career, with his first deposit made at age 20. Jim place..
Three individuals each hold a ticket for a lottery that will pay $100 with probability 0.2 and $10 with probability 0.8. Their utility functions for the monetary amount x may be described as follows: Tom: u(x)=0.002x2+x Jim: u(x)=log10(x) Janet: u(x)..
The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Distinguish between liberal economics and conservative economics. Why is macroeconomics an inherently political subject? Summarize the problems that can be created by rapid inflation. How can inflation become self-perpetuating?
Analyze the various means of taxation available to finance the government and evaluate the alternatives to taxes. Identify if there is an economic limit to the extent to which the government can increase taxes. Justify your response.
Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of in..
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