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Question 1. Compute and discuss elasticities for the following cases:
A. When consumer income increases by 7%, the demand for Orange Juice increases by 3%. What is the income elasticity for Orange Juice? What type of good is orange juice - an inferior good or a normal good?
B. When the price of printers increases by 8%, the demand for printer ink decreases by 10%. What is the cross price elasticity? How are the two goods related - are they substitutes or complements? Explain why.
C. When the price of Crest toothpaste increases by 4%, the quantity of Colgate toothpaste purchased increases by 6%. What is the cross price elasticity? How are the two goods related - are they substitutes or complements? Explain why.
Question 2. Explain the factors of production and give an example for each one.
Draw an indifference map of three indifference curves for good W and good Q and Draw a budget line tangent to the middle indifference curve
Some make the claim that there is actually no competition between firms in a perfectly competitive market.
Is optimizing inventory a best practice or an academic ideal? What does your current organization (or an organization you have worked for in the past) do?
A firm conducted a research about the demographics of their customers. For the study they collected data about the following variables: gender, marital status, credit rating (low, medium, high), annual income, and age.
the u.s. government administers two programs that affect the market for cigarettes. media campaigns and labeling
Another group of economists, those who hold to the quantity theory of money, believe that V (the velocity of money) is predictable and otherwise unchangeable and that Q (the quantity of goods and services produced) is steady. Is their view of the eco..
Suppose that the real hourly wage in this country is now $15. What is the current situation in the market? What is going to happen, according to the classical view? What is the real hourly wage that guarantees full employment? If the Aggregate produc..
For this project each student will learn and demonstrate competency in researching economics; that is, creatively designing a research question.
How differentiated are the products that business sells? The range is from standardized which means every product of every business selling that product.
To evaluate the optimal (economically ecient) rotation period for a forest from the perspective of the private owner, assuming that the time trees are allowed.
Explain whether, based on the GDP data and all else equal, you would prefer to be incumbent Government running for re-election this time last year or now.
What are the positive and negative aspects of budget deficits and surpluses? What policy is best for today's economy? Explain your answer.
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