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Suppose the own price elasticity of demand for good X is -5, its income elasticity is -3, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 5. Determine how much the consumption of this good will change if: a. The price of good X decreases by 6 percent. _____ percent b. The price of good Y increases by 7 percent. _____ percent c. Advertising decreases by 4 percent. ____ percent d. Income increases by 2 percent. ____ percent
Suppose that the central bank has increased the money supply such that there is additional $420651 in excess reserves. If the reserve ratio is 13 percent, what is the maximum the money supply could increase?
Suppose that Elsa's preferences over baskets containing gasoline (good x), and food (good y), are described by the utility function U (x; y) = xy + 100y. The marginal utilities for this function are, MUx = y and MUy = x + 100: Use Px to represent the..
Each employer faces competitive weekly wages of $1,600 for blacks and $2,400 for whites. Suppose employers undervalue the efforts/skills of blacks in the production process. Describe the employment decision, output level and profits made by firms for..
Consider two firms with constant marginal and average costs, and equal to 10. Market demand is Q = 500 – 20P. Firms choose quantities simultaneously as in the Cournot model. The solution for the Nash Equilibrium gives a total output equal to what amo..
Assume that a country's production is Y = L^0.5K0.5. Capital lasts 20 years. Savings rate is 20%. How much is capital per worker in steady state? How much is output per worker in steady state? How much is consumption per worker in steady state? What ..
q1. the city council realizes that the telephone company could curtail pay phone service in response to the ceiling. to
Which of the following is the most fundamental assumption in economics?
What are the MPC and APC all about? Compare and contrast these concepts? is it better to have a high propensity to consume or lower? Which people fit the high versus the low category?
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity.
Suppose that the quantity demanded in the world market is given by the demand function Qd = 80-0.4P Where P is the price in dollars per barrel and Qd is the quantity in millions of barrels per day. The quantity supplied is given by the supply functio..
What is the difference between poverty and income inequality? Why do economists believe that some degree of income inequality is inevitable in a capitalist economy?
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