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A household's income and restaurant visits are observed at different points in time. The table below describes the pattern.
(a) Construct a scatter diagram showing quantity on the vertical axis and income on the horizontal axis.
(b) Is there a positive or negative relationship between these variables?
(c) Compute the income elasticity for each income increase, using midpoint values.
(d) Are restaurant meals a normal or inferior good?
Production engineers at Sinotron believe that a modified layout on its assembly lines might increase average productivity (measured in the number of untis produced per hour). However, before the engineers are ready to install the revised layout o..
Plot these curves and examine the type of scale economies each firm experiences at different output levels.
Implement your procedure on the phoneme data, and try it out. Divide the data into a training set and a test set (50-50), making sure that speakers are not split across sets (why?). Use K = 1, 3, 5, 7 centers per class, and for each use J = 5, 10,..
A city engineer knows that she will need 25 million in 3 years to replace toll booths on a toll road in the city. Traffic on the road is estimated to be 20 million vehicles per year. How much per vehicle should the toll be to cover the cost of the..
1. the three fundamental economic questions of what how and for whoma-exist because of scarcity.b-are much more serious
Two oligopoly firms are in the process of evaluating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A if the second firm reacts by strategy C, and $15 million from strategy A
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms.
assume that the FFS price was $100 per visit and the average patient made eight visits per year. A competing managed care organization came in and charged $80 per visit, providing seven visits per year. Calculate the change in total expenditures.
1 ten years ago a machine cost 800000. now the same machine costs 1200000. calculate the average rate of inflation per
How would expanding the business affect the economies of scale? When would you have constant returns to scale or diseconomies of scale? Describe your answer.
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 13 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms.
Suppose you wish to fit a periodic function, with a known period T. Describe how you could modify the truncated power series basis to achieve this goal.
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