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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?
The government has undertaken a highway bridge project that was originally projected to cost $2 million and provide benefits of $2.5 million. Unfortunately, the costs have been mu
Cost Function for Savings and Loan Industry * The empirical estimation of long run cost function can be useful in restructuring of the savings and loan industry in wake of savi
AVOGADRO''S HYPOTHESIS In equal volumes of gases including all under similar conditions of temperature & pressure keeps equal number of molecules. Avogadro''s law and Applicatio
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Preference to Non-debt Creating Capital Flows: The most important element of strategy has been the paradigm shift in the attitude towards inflow of capital from abroad. Capit
Consider an economy with high innovative potential, but where saving is insufficient to fund innovative investments. Use Garrison's capital-based macroeconomics to explain how more
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what monopoly market .
can you help me answer an economics question
Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
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