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ECON3200001.1251 Midterm Exam I
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a) Which of the following topics is the MOST likely to be studied in microeconomics? [้ๆฉ] Will economic growth come back to pre-pandemic levels? Did stimulus checks decrease unemployment? What happens when central banks decrease interest rates? Why do Boeing and Airbus dominate the civil aircraft manufacturing market? b) Microeconomists are often interested in elasticities. From a business perspective, elasticities can help businesses to decide how to price their goods. From a policy perspective, elasticities help microeconomists measure the impact of a tax on consumers and producers. For example, to calculate the proportion of the tax borne by consumers, one can use the ratio of the absolute value of the elasticity of supply and the sum of the absolute value of the supply and the demand elasticities ( ๐ธ ๐ and ๐ธ ๐ ). That is: ๐ถ ๐ โ ๐ ๐ ๐ = | ๐ธ ๐ | | ๐ธ ๐ | + | ๐ธ ๐ | Suppose the elasticity of demand is -1.25 and the elasticity of supply is 1.25. What share of the tax is borne by consumers? [้ๆฉ] 50% 25% 20% 80%
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To tackle part (a), Iโll examine each option to see whether it belongs to microeconomics as a main topic.
Option 1: 'Will economic growth come back to pre-pandemic levels?' This is typically a macroeconomics question focused on aggregate variables like GDP growth, unemployment rates at the national level, and overall economic performance rather than individual markets or firms. So itโs less likely to be a microeconomics topic.
Option 2: 'Did stimulus checks decrease unemployment?' This asks about the effect of fiscal policy on unemployment, which is ......Login to view full explanation็ปๅฝๅณๅฏๆฅ็ๅฎๆด็ญๆก
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Which of these formulas represents an elastic response of y with respect to x, which is also called x-elasticity of y ?
You have estimated the following regression model: [math: ln(Y)^=3.4+0.5ln(X)+0.4ln(X)รFemale]\widehat {ln(Y)} = 3.4 + 0.5 ln(X)+ 0.4 ln(X) \times Female, where [math: Female] is a dummy variable taking value 1 for a female and 0 for a male individual. Which of the following statements is correct about the estimated elasticity of [math: Y] with respect to [math: X]?[Fill in the blank]
If a policymaker wants to raise revenue by taxing goods while minimizing the deadweight losses, theyย should look for goods with _________ elasticities of demand and _________ elasticities of supply. (Fill in the blanks.)
What does it mean that elasticity equals escape?
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