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The demand curve for gasoline is P = 200 - 10Q.
a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price changes or insensitive?
b. Suppose the current market clearing quantity sold is 8. The government is considering implementing an increase in the gas tax on each unit of gasoline to raise revenue. Assume that any change in the tax is passed on entirely to consumers in higher gas prices. Why, given your findings in (a), would you argue against an increase in the tax for the purposes of increasing revenue?
excess reserve make a bank less vulnerable to runs.why
Problem 1 : (a) What are the main assumptions behind the macroeconomic theory of New Classical Economists? (b) Describe the Lucas Supply function and explain its policy imp
preperation methods of deuterium
Production possibility frontier PPF is a combination of two or more goods a which a country can make in a given timeline or period with resource fully employed.
Explainbainlimitpricetheory
Comparison with Our Needs: We can further test our performance by juxtaposing it with our requirements. Admittedly, it is very difficult to determine 'needed' rate of growth w
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
Profit Margin A measure of organization performance, profit margins measure the percentage return an organization is earning over the cost of production of the items sold.
A market is nothing more or less than the locus of exchange, it is not of necessity a place, but easily buyers and sellers coming together for transactions. Transactions happen
Assume the United States exports 1000 computers at a price of $3000 each and imports 15 UK autos at a price of 10000 pounds each. Assume that the dollar/pound exchange rate is $2 p
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