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Why is it sometimes difficult to apply the same rules of morality to political leaders that we apply to all individuals? Pulling in examples from the readings and Lessons, explain Machiavelli's advice to rulers in The Prince that one must learn to lie and commit other acts that are normally viewed as immoral. Do you think this is good advice for political leaders? Why or why not?
Can you think of a product that is a large part of your budget where the price elasticity of demand is very low? Why is it so low? In estimating demand functions, what is the most important thing to remember? Why?
Consumers often identify brand names with quality. Do you think branded products usually are of higher quality than generic products and therefore justify their higher prices
When the price of one good decrease, the associated substitution effect is represented by a:
The unsold computer is carried on XYZ's books as an $800,000 increase in inventory.
Jenny consumes 3 different goods X, Y and Z. Her corresponding utility function is U(X,Y,Z) = 2XY + 4Y + Z^2 . If Px = Py = $1, Pz = $2, and Jenny’s budget is $38, how much of X, Y and Z, should Jenny purchase? What is the maximal utility level that ..
Assume we have a Hecksher-Ohlin model. There are two countries (US, Mexico) producing two goods (Ipads (I), Jeans (J)). Assume I is relatively capital intensive in production and the Mexico is relatively capital abundant (it’s possible). Answer all o..
The city government is losing millions of dollars on the system of mass transit (buses and subways). The government proposes to increase the fare of a ticket by 20% and they have asked your advice. You know that the price elasticity of demand for mas..
Load the Blue Spruce Light Up Data (latest file, through 2013). Extract and specify a model that predicts Cars through the gate as a function of Price and Average Daily Temperature.
Illustrate what is Fast Food's elasticity of demand. What does elastic, inelastic, or neither tell us about the elasticity of demand.
The Texas Transportation Institute at Texas A&M University conducted a survey to determine the number of hours per year drivers waste sitting in traffic.
In early 2014, China decided to cancel the 1.3 million tons of rice import contract with Thaolanf. Using demand and supply analysis, What will the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in Thai..
Elle preferences over apples (A) and bananas (B) are represented by the Cobb-Douglas utility function; What are the optimality conditions? Explain. Derive her individual demand curves for apples and bananas as functions of the prices and income.
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