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If a car dealership increases the price of a Toyota truck from $18,500 to $19,500 and, as a result, sales of such cars decrease from 20 units to 12 units per month, what is the price elasticity of demand for this car in this market? Given your answer, explain why it would be wise or unwise to increase the price.
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A solar-water heating system uses solar panels on the roof of a large build, 40.0 m above the storage tank. The pressure at the panels is 1 atmosphere. What is the absolute pressure at the top of the tank?
What special problems does a central bank have to solve? Should Congress and the president be given greater authority over the Federal Reserve System?
Finally, the worker's rate of discount is 10 percent. What is the highest level of migration costs that a worker is willing to incur and still make the move?
Through which channels does a binding minimum wage affect employment? Illustrate this effect with a diagram. According to recent research what are the employment effects of minimum wages?
The Wall Street Journal article reported that large hotel chains, such as Marriott, are tending to decrease the number of hotels that they franchise to outside owners and raise number the chain owns and manages itself.
What is the socially optimal quantity of your oil consumption? Briefly describe two government policies that achieve this level of consumption.
Please briefly explain how the inflation rate, as measured by the GDP deflator, behaves during recessions. We'll be using what you find this later in our course.
Suppose a wedge of cheese is $10, and a loaf of bread is $5. What is the opportunity cost of purchasing a wedge of cheese (in terms of bread)?
Suppose this monopolist has constant marginal cost of $20 and zero fixed cost. Calculate consumer surplus, producer surplus, and total welfare in this market.
Assume that the demand for plastic surgery is price inelastic. Are the following statements true or false? Explain your answer for full credit. When the price of plastic surgery increases, the number of operations decreases.
A year after buying her car, Anita has been offered a job in Europe. Her car loan is for $15,000 at a 9% nominal interest rate for 60 months.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
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