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Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elasticity, not demand elasticity.) Explain your answer using determinants of elasticity.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
What combination of T and M will you choose? Suppose that the price of day trip rises to $80. How will this change your decision making?
Discuss the new equilibrium price also quantity which result from these changes. Can you exhibit some of these changes graphically.
Distinguish between resource market and product market in circular flow model. In what way are businesses and households both sellers and buyers in this model. What are flows in circular flow model.
Assume Arturo is willing to trade 6 burritos to Dina for each 10 tacos which Dina produces also send to Arturo.
Suppose in the first quarter of the year, Real GDP was $400 billion; in the second quarter it was $398 billion; in the third quarter it was $399 billion; and in the fourth quarter it was $395 billion. Has there been a recession? Briefly explain how e..
The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve and the Justice Department.
The production function is f(x)=4x1/2 if the price of the commodity produced is $60 per unit and the cost of the input is $20 per unit, how much profit will the firm make if it maximizes profit?
q1. game theory colonel blotto has three partitions through which to defend 2 mountain passes. his challenger also has
Rick Nash, a player for the Columbus Blue Jackets hockey club earned $5.25 million this year. The CPI for this year is 225, base year 1983. If Rick were to maintain his current purchasing power how much would he have earned in 1983?
Plot the goods in a graph with realness on the horizontal axis and (relative) exclusion cost on the vertical axis. (1) 1000 pounds of compacted scrap steel; (2) 1/2 ton of compacted scrap steel; (3) a mahogany tree in an inaccessible Central American..
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