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Question: Corey, a young entrepreneur, notices that cigarette lighters sell for only $0.50 each in Utah but they sell for $1.00 each in Nevada.
a. If Corey wants to make money by buying and selling lighters, where should he buy the lighters and where should he sell them?
b. If many other people imitate Corey's behavior, what will happen to the supply of lighters in Utah (rise, fall, unchanged)? What will happen to the supply of lighters in Nevada (rise, fall, unchanged)?
c. What will the behavior in part b do to the price of lighters in Utah? In Nevada?
d. According to the law of one price, what can we say about the price of cigarette lighters in Nevada after all of this arbitrage? More than one of the following may be true: Less than $1.00 each More than $1.00 each The same as the Utah price.
If interest rates or opportunity costs investment, happened to be the same in both developed countries and emerging economy nations, what could account for faster upward shifts in the latter group’s planned investment functions?
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An aerodynamic three-wheeled automobile (the Dart) runs on compressed natural gas stored in two cylinders in the rear of the vehicle. The $13,000 Dart can cruise at speeds up to 80 miles per hour, and it can travel 100 miles per gallon of fuel.
The relative wage of unskilled workers has fallen in the United States likely as a result of a relative increase in the number of unskilled workers.
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Employees at Foxconn factories described in the e-Activity worked more hours than allowed under Chinese labor laws. Yet the violation of these standards is widespread in manufacturing and the demanding treatment of workers is commonly accepted. Co..
for i = 1, 2. Originally she faces prices p1 = p2 = $2 and has an income of $100. Then the price of good 1 increases to $4. Calculate the compensating and equivalent variations, given that Niki's utility function is u (x1, x2) = x1(1/2)x2(1/2).2. The..
in the following one-shot game if you advertise and your rival does not you will make 20 million in profits and your
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