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Problem: Last year the price of corn was $3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is $4 per bushel and the quantity of corn demanded is 7 million bushels. Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.)
In a basic Keynesian macroeconomic model it is assumed that Y = C + I where I = 820 and C = 60 + 0.8Y.
Suppose the following situation abruptly emerges in the economy: S > I. First, explain what this situation implies. Then, with reference to flexible prices, interest rates, and wages, describe why Classical economists believed this situation would be..
Evaluate the implications of changes in economic conditions on the behavior of households and firms. Identify possible ways to increase the growth.
Two municipal cell tower designs are being considered by the city of Newton. If the city expects a modified benefit-cost ratio of 1.0 or better.
Howland & Sons Plumbers is considering adding an extra truck to increase the number of customers they can serve.
A produces more capital goods and fewer consumer goods than Economy B. Which economy will grow more rapidly? Draw two production possibilities curves, one for Economy A and one for Economy B. Demonstrate graphically how one economy can grow more r..
Describe how high entry barriers into a market will influence long-run profitability of the firms. Explain the competitive pressures that are present in markets with high barriers to entry. Explain the price elasticity of demand in each market struct..
the success of mis function in any organization will depend upon the relative position of the chief of the mis function
Officials at City Bus Corporation increased fares(prices last year and were surprised to find that total revenue fell that year instead of increasingas expected. This tells us that
The size of the labor force. The number classified as "not in the labor force." The unemployment rate.
The Impacts Of The Ebola Outbreak On The Global Travel Industry - Important aspect of business communication is the elimination of the extraneous. Supporting exhibits are not counted in the page total.
If the price of product X is $1, what economic profit the the firm will realize by choosing the least costly technique?
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