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Question: Mandy has an income of $800 in period 1 and will have an income of $500 in period 2. Her utility function is U(c1, c2) = c0.80 c0.20, where c1 is her consumption in period 1 and c2 is her consumption in period 2. The interest rate is .25. She unexpectedly won a prize that made her period 2 income $1,000 (period 1 income remained $800). By how much would her period 1 consumption increase or decrease? Show your work.
What happens to total expenditure of the tour agency if the price falls from $350 to $250 per night per room? Calculate the demand elasticity of the hotel room. Is the demand for hotel room elastic, inelastic, or unit elastic?
Suppose New York wants to build a new facility to replace Madison Square Garden. Assume that the cost of building a new arena in midtown Manhattan is $2 billion and that all the costs occur right away. Also assume that New York will receive annual be..
Economists have observed that as an economy grows the unemployment rate tends to fall. Which statement is most probable to be correct?
The cost of paving a new multi-use trail is $1.7 million. Minor repairs and up-keep will cost $100,000 per year. Every 10 years the trail will need a major re-surfacing at a cost of $850,000. These costs will continue indefinitely.
These multiple choice problems belong to Economics. The first problem is about encountering negative returns, the second problem is about competitive firm producing in the long run.
Coke and Pepsi have sustained their market dominance for more than a century. General Motors and Ford have been hard hit by competition. In one paragraph, explain what economic factors might account for these industry differences.
You are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate.
Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30
Compare and contrast: why is this practice more prevalent in one industry than another? Why does firm X adopt this practice more than firm Y?
Describe the difference between the specialist, market maker and electronic system for trading stocks. What are the benefits and detriments of each system How is the difference between the real estate market and the financial markets reflected in ..
generally speaking many companies are interested in the potential cost savings of using the same product and
Q#1. Homemakers are not included in the employment or labor force totals compiled by the Bureau of Labor Statistics household survey. They are included in the working-age population totals. Suppose that homemakers were counted as employed and include..
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