Problem set 2.2 This question Is mainly concentration on the price changed effect. As the price raise ‚what is the changed to the quantity‚ turnover ‚and the market equilibrium. And the assumption are as following: The demand of the concert remain unchanged‚ the supply of the concert also unchanged( which consist on 3 concerts) ‚so the supply curve is vertical. In the question‚ the concert price in 2005 is $500 and all the tickets have been sold out which are 12000seats. The turnover is 12000seats
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A minimum wage policy induces an: Select one: a. elastic labor supply response. b. excess supply of labor. Correct c. excess demand for labor. d. efficient market outcome. Suppose the demand and supply curve for good X are as follows: PD = 533 – 5Q PS = 122 + 3Q where P is the price of X and Q is the quantity. Suppose an excise tax of $8 per unit of X is assessed on this market. What is the new equilibrium quantity of X? Answer Feedback The correct answer is: 50.375 Use
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THE GLOBAL ECONOMY PROJECT PAPER 2 By Team F Submitted in Partial Fulfillment of the Course Requirements for Business Economics ECON545 Professor The US Economy in 1982-2000 Introduction Throughout the late 1970s‚ American people had grown discontent with the government’s fiscal and monetary policies as the economy was stagnant and recovery was not in sight. This ultimately led to the election of former actor and California governor‚ Ronald Reagan in 1980. President Reagan’s
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100 Points Total Answer the following questions as well as you can. LATE HOMEWORKS ARE NEVER ACCEPTED. You may meet/consult with colleagues in the class. But the assignment you turn in needs to be your own work. You should show some (though not necessarily every bit) of work for any substantial calculations. 1. (Each part 5 points) Suppose . That is‚ X has a normal distribution with μ=30 and σ2=144. 1a. Find a transformation of that will give it a mean of zero and a variance of one (ie
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Exercise 1 Question 1- Everyone’s Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen? Let’s take a closer look at what it takes to get a gallon of gas into your car. All gas companies follow the same basic formula. Crude Oil + Refining Process + Retail Sales/Distribution + Taxes = Gas Price The problem with this formula is not all of these components contribute equally. So let’s take a look at each of these components and what economic
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Ten principles of economics HOW PEOPLE MAKE DECISIONS #1: People Face Tradeoffs There is no such thing as free lunch. To get one thing that we like‚ we usually have to give up another thing that we like. Making decisions requires trading off one goal against another. #2: The Cost of Something Is What You Give Up to Get It The opportunity cost of an item is what you give up to get that item. When making any decision‚ such as whether to attend college‚ decisionmakers should be aware of the opportunity
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a. Explain the difference between merit goods‚ demerit goods and public goods (10 marks) Merit goods‚ demerit goods and public goods could all cause market failure‚ which is a situation where goods and services in a free market are not allocated efficiently. The ways in which these 3 kinds of goods cause market failure are different and will be explained below. Firstly‚ merit goods refer to goods with positive externalities. This means that its consumption or production can create unintended positive
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This pack of ECO 365 Week 4 Discussion Questions shows the solutions to the following problems: DQ 1: What is an externality? Provide examples. How does an externality affect the market outcome? Is it possible for a government’s solution to a market failure to actually worsen the failure? Explain your answer. DQ 2: What are the differences among horizontal‚ vertical‚ and conglomerate mergers? What does the U.S. government hope to achieve through the use of its antitrust
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She worked for unemployed women and the homeless‚ and was actively involved with feminist groups and journals. Procter’s literary career began when she was a teenager; her poems were primarily published in Charles Dickens’s periodicals Household Words and All the Year Round and later appeared in book form. Her charity work and her conversion to Roman Catholicism appear to have strongly influenced her poetry‚ which deals mostly with such subjects as homelessness‚ poverty‚ and "fallen women". Procter
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1 The value of a firm is a. smaller the higher is the risk premium used to compute the firm’s value. b. larger the higher is the risk premium used to compute the firm’s value. c. the price for which the firm can be sold minus the present value of the expected future profits. d. both b and c 2 A price-taking firm can exert no control over price because a. the firm’s demand curve is downward sloping. b. of a lack of substitutes for the product.
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