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Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each price is twice what it was).
a. What happens to the equilibrium price and quantity in each market?
b. Which product experiences a larger change in price?
c. Which product experiences a larger change in quantity?
d. What happens to total consumer spending on each product?
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Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.
You have been appointed economic advisor to Exam land. The mpc is 0.6; investment is $1000; government spending is $8000; consumption is $10000;
The Wall Street Journal once reported on dating services, noting that the fees were $300 for men and $250 for women. The owner of the service said the difference in fees was to compensate for inequalities in pay scales for men and women
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Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist. What is monopoly profit Should a monopolist produce quantities of product greater than which would maximize profiits
Compare and contrast the following broadband methods for home Internet access: Cable, DSL, Satellite include a description of each, pro's and con's and why you select one over the other.
Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with a higher ability level. Which ind..
Assume that a $1,000 bond issued in 2012 pays $100 in interest each year.What is the current yield on the bond?
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