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Although water is essential to life no matter where one lives, the demand for water differs across regions. In one study it was found that the price elasticity of demand for water in all regions of the United States ranged from 0.39 to 0.69. a. Why is the demand for water price-inelastic? b. In those regions where outdoor use of water makes up a relatively large portion of total use, the price elasticity is high. Why? c. The demand for water in the summer months is greater that the winter months, Explain why.
The following equation represents the weekly demand that a local theater faces. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizi..
Keeping in view the law of supply how the following factors will shift the supply curve? each answer must be supported by diagram?
compute the breackeven output quantities for each alternative. What is the difference between movements along IS and LM curves and shifts of the entire curves.
The North American Free Trade Agreement (NAFTA) went into effect on January 1, 1994. This sweeping agreement is designed to open the borders separating Canada, Mexico, and the United States to the free exchange of goods and services.
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u x y x y ( , ) ln 2ln = + (MUx=1/x, MUy=2/y).
During the course of a week, McDonald's has enough time to hire or layoff workers, but it does not have enough time to expand its kitchen or add an additional seating area.
Which one of the following government actions is intended to generate positive externalities.
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($200 million last year) and a low marginal cost of producing the product ($0.45 per pill), your company has yet to show ..
Describe the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand curve in each of your examples.
You are the international manager of a US business that has just invented a revolutionary computer chip that can perform the functions of all known chips plus much, much more, but costs only half as much to manufacture. What are the economic and poli..
Suppose a consumer derives satisfaction from consuming tacos: those from Taco Bell and those from Chipoltle. Graph the budget line of the consumer under the assumption that he is offered a buy three, get one free deal at Taco Bell (limit one free tac..
If Amy spent her entire allowance, she could just afford 8 candy bars and 8 comic books a week. She could also just afford 10 candy bars and 4 comic books. The price of a candy bar is 50 cents. Illustrate her budget line with a diagram (be sure to la..
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