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The demand schedule from question 3 above is reproduced below along with another demand schedule when consumer incomes have risen to $60,000 from $50,000. Use this information to answer the following questions. Use the midpoint method to calculate the percentage changes used to generate the elasticities.
a. What is the income elasticity of demand when motel rooms rent for $40?
b. What is the income elasticity of demand when motel rooms rent for $100?
c. Are motel rooms normal or inferior goods? Why?
d. Are motel rooms likely to be necessities or luxuries? Why?
At the end of 2006 an expert economist from the Global Economic Institute in Kiel, Germany, predicted a drop in the value of the dollar against the euro of 10% over the next 5 years. If the exchange rate was $1.27 to 1 euro on November 5, 2007,
You can either spend spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and misc.
They decide to import 50,000 more. The government buys 25,000 cars for its police force, and 10,000 cars are bought by companies to transport employees to other locations to work. They also export 65,000 cars to nearby countries for sale. How woul..
How would you explain the relationships among quality, safety, and costs to the director and staff? How would you demonstrate the importance of nursing care in addressing this issue? What outcome variables would you recommend?
The state has announced its plans to license two firms to serve a market whose demand curve is given by P = 200-Q.The cost function ofall potential firms is C = 20q,and the technology is such that once each firms output is chosen, it cannot be alt..
you observe an olympic athlete in the long-jump. suppose the distance of each jump is a random variable that follows a
You can afford a monthly payment of $300 for 2 years only. You want to buy a car that costs $9000. Find the down payment that you have to pay to complete this transaction, if the financial charge (interest) is 9% per year.
Factory workers at each plant have the same characteristics (e.g., skills, alternative employment opportunities, level of income, risk aversion, etc.). The quality of a toothbrush produced is easy to supervise but the effort exerted by a worker is..
Suppose a depositor comes to the bank and withdraws $200 in cash. Show the banks new balance sheet assuming the bank obtains the cash by drawing down its reserves. Does the bank now hold excess reserves
A corporation purchased a computer system for use by the firm's engineers. The system cost $500,000. At the end of its depreciable life, the salvage value for the system is $25,000. Compute the depreciation and book value schedule using the MACR..
A couple has found a house which cost $201,500. They will put down $22,000 and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% interest (compounded monthly). If they escrow their HOA fees, insurance, and taxes at $..
Find the Nash equilibrium of Cournot's game when there are 2 firms, the inverse demand function is given by equation P(Q) = a - Q if Q a
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