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1. Fewer potatoes are demanded when the price of rice has fallen from $ 0.25 to $0.10 cents per pound. The reason for the decline in the market demand for potatoes is because rice and potatoes are substitutes. When there is a decline in the price of rice, more rice will be demanded and fewer potatoes will be demanded. Since rice becomes relatively cheaper, people would prefer to buy more rice and so their demand for potatoes will decrease, as is the case in substitutes.
U(Y) = Log Y
Ms. Fogg has $10,000 to spend on the trip, if she spends all of it, then her utility will be U (10000) = Log (10000) = 4
2. The Molly Jock wants to buy a high definition television to watch the Olympic Greco roman wrestling competition in Beijing.
Molly jock's income = $20000, She knows where she can buy television she wants for $2000, She can buy the same television set at Crazy eddies for $1700 but is unsure, that is true, The gicen utility function is = Ln (Y) Where, Y is the income after purchase the television.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Describe the opportunity cost of good 1 in terms of good 2. Find out the opportunity cost of good 1 at the point where x1=1.
From each pair of goods, pick the good for which demand will most likely be more elastic:
How much will this consumer be willing to pay for the product if the firm offering the reliable product includes warranty that will protect the consumer? Explain.
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
Give at least three explanations of why economic reasoning would argue that this is to be expected.
What kind of shocks could have caused this change to the money demand function? Determine the new interest rate and equilibrium level of output.
Create a graph that shows Price on the Y-axis and Q demanded and Q Demanded and Q supplied on the X-axis.
In article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
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