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Suppose that the Organization of Petroleum Exporting countries raises oil prices by 50% What effect will this have on the U.S. aggregate demand curve? On the U.S. short-run aggregate supply curve?
Business Economics, Economics
1. Explain the reason for measuring government production at cost? 2. What is the main shortcoming in valuing government production in this way?
Consider a market in which the government imposes a price ceiling. Assume that neither supply nor demand is perfectly elastic nor perfectly inelastic. Which of the following groups will always gain from a price ceiling? ...
How would you explain the concept of a quality adjusted life year? When is it appropriate to use "QALYs" instead of simply improved life expectancy as the outcome measure in an economic evaluation?
A company has two divisions. The first produces an operating system for smartphones. The other division manufacturers and markets its own smartphone. Of course, the company's smartphone runs on its own operating system. ...
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The number of phone calls that arrive at a phone exchange is often modeled as a Poisson random variable. Assume that on average there are 7 calls per hour. Show all work. a) Find the probability that there are exactly f ...
A production system has two spares of a critical component that have average uptime 1/lamba = 1 month. Find the probability that the 3 components (the operating one and the two spares) will last more than 6 months. Assum ...
The researchers stated that there were no significant differences in the baseline characteristics of the intervention and control groups. Are these groups heterogeneous or homogeneous at the beginning of the study? Why i ...
Prof G's farmer friend claims that aliens made crop circles in his farm. Using economic theory, prove his farmer friend wrong.
The increase in prescription drugs cost, increases the drug companies profit. Should there be restrictions to lower consumer cost and how much of their profit should be reinvested into research and development?
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