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Jen likes only chocolate and economics textbooks. Her demand functions for chocolate and textbooks are given byQc =m / (pc + pt)Qt =m /(pc + pt)where m denotes her income and pc and pt the price of chocolate and textbooks respectively.a. Are chocolate and textbooks complements or substitutes for Jen?b. Calculate the income elasticity for chocolate. Is chocolate a normal good?2c. Assume we observe the following: Qt = 5; pc = 2; pt = 2.If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant? What happens to chocolate consumption?
CEO pay appears to be on the rise again. Also executive pay in the US is about 20 times higher than it is in European countries.
You're the manager of copies are us. The only copy store in town, the carbon copy, recently got bids on adding a colour copier.
Calculate the nominal GDP in 2005 and 2006 Tropic Republic and calculate the GDP in 2006 using the method of the base year prices.
Assume that economy starts at equilibrium and the mpc = 0.75. Find the effect of a $300 increase in government spending once all the rounds of multiplier process are complete?
A no of empirical studies of automobile demand yielded the subsiquent estimates of income and price elasticities
Illustrate what were some changes of the demand also supply fconditions that lead to the housing market bubble and collapse
Elucidate in detail the Federal Reserve's Interest Rate Policy and Economic Recovery.
Explain the difference among comparative advantage and absolute advantage. Explain how economies benefit with specialization and trade.
Describe ways firms establish barriers to entry and explain how they benefit firms but not consumers.
The perticular information needed to calculate each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Suppose that a firm in a perfectly competitive industry has the following total cost schedule; Compute a marginal cost and an average cost schedule for the firm.
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