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Sandra purchases 5 pounds of coffee and 10 gallons of milk per month when the price of coffee is $10 per pound. She purchases 6 pounds of coffee and 12 gallons of milk per month when the price of coffee is $8 per pound. Sandra’s cross-price elasticity of demand for coffee and milk is A. 0.82, and they are substitutes. B. -0.82, and they are complements. C. 1.22, and they are substitutes. D. -1.22, and they are complements.
His strategy to acquire companies in different lines of business based on the requirement that each business in GE was to become the #1 or #2 competitors in the industry is touted as being particularly brilliant.
Externalities are 3rd-party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a 3rd-party.
The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship: Q = 400 - .5P
The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
The CEO of Always Round Tire has decided to open a battery division. He thinks that batteries would sell well with tires at their outlets AND that Always Round's quality reputation will be transferred to the batteries. Should he set up the new div..
From the perspective of any individual in this population, what is the reduction in the probability of their death in any year from this policy? (Assume everyone in the population uses the road equally. In reality, the fact that this is not true m..
Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents?
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Define the factor that estimate the slope of the LM curve and whether an increase in theses factor will make the curve flatter or steeper.
What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
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