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When the price of bread increases by 3 percent, the quantity demanded of crackers increases by 2 percent. The cross elasticity of demand between crackers and bread is?
Suppose that, from an initial consumer equilibrium position, the price of one good falls while the price of the other good remains the same. Using indifference curve analysis, explain how and why the consumer's relative consumption of the two goods w..
A research engineer invests $5,000 at the end of every year for a 32-year career. If this teacher wants to have $1,524,240 in savings at retirement, what interest rate must the investment earn? Consider the following two mutually exclusive alternati..
Think of a strategy pursued by the company your work for, another company, or even a sports team. How can game theory help improve the outcomes for the decision makers? Explain whether simultaneous-move, repeated-move, or sequential-move games are mo..
Economists usually do not favor subsidies on specific products or in-kind payments to help low income people.
Could you reduce the cost of producing 1,800 pots per day by adding a pottery machine to your production process and reducing the amount of labor. Explain why or why not.
Assuming labour demand is downward sloping and that the labour market is competitive, what happens to national income as a result in immigration.
Illustrate scarcity, choice also prospect cost with the aid of a diagram demonstrating a production possibilities frontier
Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm's cost-minimization problem exist? In the case of perfect substitutes, if the ratio of input ..
Let us for now ignore the problem of linear zing around zero-growth-rate, and assume that there is no problem in modelling constant natural growth rate. Let us suppose that monetary shock occurred, due to stochastic or forecast errors or intentional ..
Refer to the yield curve above for February 2015. According to the expectations theory, what was the interest rate expected to be on a one-year Treasury security February 2016? Refer to the yield curve above for February 2015. Suppose the yield on th..
Calculate point price elasticity a a price of $3 and calculate the point price elasticity at a point of $9. Is the demand price elastic or inelastic at these points?
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. Grap..
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