Question: Consider two ways of protecting elephants from poachers in African countries. In one approach, the government sets up enormous national parks that have sufficient habitat for elephants to thrive and forbids all ...
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Question: Jones graduated college a few years ago and can't find a good job. When I suggested she go back and major in economics this time around, she responded that she couldn't because she had already spent so many yea ...
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Question: Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X + Y UB(X,Y) = Min(X,Y) The initial endowments are: A: X = 2; Y = 4 B: X = 4; Y = 2 Illustrate the initi ...
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Question: Creating a successful sales force requires a good fit with potential and current customers in your target market. Describe the target market for your business and explain how would you use this information to b ...
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Question: For each of the following absolute values of price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic. In addition, determine what would ...
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Question: Let velocity be 3 and the money supply be $500. a. If we assume that velocity is independent of the price level, what is the aggregate demand curve? b. Now let the long-run aggregate supply curve be Y=100. What ...
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Question: If the price consumers pay and the price sellers receive are not affected by whether consumers or sellers collect a tax on a good or service, why does the government usually collect a tax from sellers rather th ...
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Question: Here are annual values for M2 and for nominal GDP (all figures are in billions of dollars) for the mid-2000s. Year M2 Nominal GDP 2003 6,055.5 $10,960.8 2004 6,400.7 11,685.9 2005 6,659.7 12,421.9 2006 7,012.3 ...
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Question: If you owned a small firm that had become somewhat established, but you needed a surge of financial capital to carry out a major expansion, would you prefer to raise the funds through borrowing or by issuing st ...
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If the elasticity of demand for cigarettes is 0.75 and the elasticity of supply for cigarettes is 1.25, then a 5% decrease in the demand for cigarettes would cause the price of cigarettes to: decrease by 2.5%.increase by ...
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