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1. (a) Suppose a decrease in consumers' income causes an increase in the demand for chicken and a decrease in the demand for beef; Explain which good is an inferior good and which is a normal good. How will the equilibrium price and quantity change for each good?
2. In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the price of meat? Use supply and demand curves for the corn market and the meat market to explain your answer.
3. What is the law of supply? Give two examples of how you have observed the law of supply at work.
4. If the demand and supply curve for dish washers are:
D = 800 - 4P, S = 10 + 6P
Where P is the price of dish washers, what is the quantity of dish washers bought and sold at equilibrium? (show all work)
What (if anything) would be the equilibrium if firms had Bertrand conjectures throughout? (Note well: The number of firms is set and then firms compete.
Estimate the parameters of the model, present the results in standard form and then interpret them. Suppose that in 1981,the farmer planned to use 36 units of fertilizers, determine the expected impact on corn production.
A family starts an education fund for their son Patrick when he is 8 years old, investing $150 on his eighth birthday, and increasing the yearly investment.
The Fed has decreased the federal funds rate-a nominal short-term interest rate-to {1%, and yet the eeonornjir is still struggling. Explain 1what tools it still
The next day research shows that kids who through tantrums need more attention. What should a parent to do when it seems like even the experts cannot make up their minds?
(a) Rewrite the equilibrium condition as implicit function F(P,w,M) = 0. (b) Identify all (i)exogenous parameters and (ii) endogenous variables in this model.
Explain and show graphically, with reference to indifference curves and Isoprofit curves, why there has been growth in fringe benefits relative to wages?
What is the equilibrium market price received by doctors and other suppliers of medical services? What is the efficient quantity of medical services? What is the price paid by consumers of medical services?
Assuming that the firm acts as a monopolist, calculate the optimal price, quantity, and profit (i.e., TR - TC) for the organization. After using algebra to find the solution, present your results graphically.
Why Socrates claims that he knows that death is not an evil? Socrates would agree most with which of the following claims about wisdom?
Describe the shifts in the world economy over the past 20 years. What are the implications of these shifts for international business based in the Caribbean? Describe the shifts in the world economy over the past 20 years. What are the implication..
Draw the production possibilities frontiers (PPFs) for Australia and Belgium with cars on the horizontal axis and sweaters on the vertical axis.
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