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Nick loves the new Taco Bell product. His demand function for Taco Bell-Doritos Locos is as follows: Qd= (8Y – Y 2 ) – 0.1Pt; Y is a number between $2≤Y≤$6 and stands for income. Pt, the price of Taco Bell Doritos Locos, is equal to $10.
a. Draw precisely the Engel curve (i.e. show how your Engel curve is related to the above equation)
b. Is Taco Bell-Doritos Locos an inferior good or a normal good? Explain your answer in details.
Suppose that you own a car wash and that its total cost fuction is: C= 20 + 2Q + .3Q^2, where C = total cost (in dollars) per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. What is the maximum profit that..
Define external economies of scale and using a graph explain how head start rather than comparative advantage may determine the direction of trade.
Assume that the government initiates an economic stimulus package to help the sluggish U.S. economy. Further assume that, among other things, this package includes a one-time payment of $500 to retirees and Social Security recipients. State reason(s)..
You can write your research about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.? Discuss the risks of introducing market mechanisms of ..
explain why the actual increase in M-1 will be smaller than that indicated by the over smplified multiplier.
The cost of delay is an important expense to consider when redesigning a procedure. In addition, there is uncertainty in identifying future needs and new procedure that the space will need too accommodate.
A “rule of thumb” for automobile owners is that the yearly total costs (maintenance and insurance) for the first five years of operation of a new (i.e., not used) automobile will average roughly 10% of the vehicle’s purchase price.
The inverse demand function for lemons is defined by p=120-11q, the inverse supply is defined by p=8+3q.in the past there was no tax on leons but now a tax of $84 per crate
To set a tax rate at the appropriate level to maximize its tax revenues, a government must engage in
It is now, January 1, 2012, and you are considering the purchase of an outstanding bond that was issued on January 1, 2010. It has a 9.5% annual coupon and had a 30-year original maturity. What is the yield to maturity? What is the yield to call?
Interest rates keep dropping. In my country in northern Europe we now have negative interest rate - banks have to pay the central bank for lending it their money. Why interest rates are lower than any time ever before?
I have noticed that politicians continue to advocate an increase in the minimum wage. Politics and political manoeuvring aside, is there an economic reason as to why a higher minimum wage would benefit the economy?
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