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In a local market, the monthly price of internet access decreases from $40 to $30, and the total quantity of monthly accounts across all internet access provider's increases from 140,000 to 240,000.
What is the value price elasticity of demand, disregarding the negative sign? _________ (round your answer to two decimal places)
The demand is elastic / inelastic? _________________
Explain Comparative Advantage, specialization, and trade support by example. Illustrate the invisible hand theorem supported by example.
Explain how would you respond to this question. Explain how might the bank tie in the concept of utility maximization into the campaign.
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
The Portland Sea Dogs, AA affiliate of the Boston Red Sox major league baseball team, have enjoyed a surge in popularity.
Illustrate what would be the consumer purchasing response to Coca-Cola if the price of Pepsi doubled.
How much does the gross price increase in each market
Explain how has technology changed the balance between automation and labor. What type of industry benefits the most from technological innovation.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Using the Demand and Supply model anpredict what could happen to demand or supply curves and to equilibrium price. Include the curves in response.
What is value added in every sector also what is total output for the economy.
Suppose that aggregate price level is constant, interest rate is fixed, and there are no taxes on foreign trade, how much will the aggregate demand curve shift and in what direction if the following events occur?
Illustrate what does this tell you about the observability and accuracy of real interest rates compared to nominal interest rates.
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