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Erin spends all her income on good X and good Y. As the price of good X increases while the price of good Y remains fixed, Erin's price-consumption curve is horizontal.
a) Let the price of good Y be $1 per unit and Erin's income be M. Draw the diagram that illustrates the situation described above.
b) How does Erin's expenditure on good X respond to changes in the price of good X?
c) Is good X a complement or a substitute for good Y? Explain.
d) What is Erin's price elasticity of demand for good X? Explain.
What do you think that they would be able to effectively reflect the true marketplace benefit and price.
Tune is a retailer. In a given trading period his purchases were $629,800, less purchase returns of $9,300. During the trading period, the average amount he owed to creditors was $26,350. (a) Calculate the average credit taken by the retailer, in ..
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms a..
However, this simple distinction does not adequately describe how macroeconomics differs from microeconomics. For this assignment you need to identify and describe three differences between macroeconomics and microeconomics.
If an owner of a industry wanted to make a trip for non-business use and their lost wages was not tax-deductible.
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Redraw the Demand curve (only) in a new diagram. Demonstrate the Total Revenue change geometrically and indicate the Loss and Gain areas between the prices of $6 and $2 (Price has moved UP from $2 to $6).
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Show the information above on a supply and demand graph . Be sure to label all the known points clearly - What is the volume of imports under free trade? By how much is domestic production reduced?
Step 1: Perform research, and complete an industry analysis using each of the Five Forces in Porter's model. Support your analysis with current financial, operational, and marketing data.
Say that investment increases by 20 for each interest rate drop of one percent. Say also that the expenditures multiplier is 3. If the money multiplier is 4, and each 5 unit change in the money supply changes the interest rate by 1 percent, what open..
Antitrust authorities at the Federal Trade Commission are reviewing your company’s recent merger with a rival firm. The FTC is concerned that the merger of the two rival firms in the same market will increase market power. A hearing is scheduled for ..
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