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Suppose that the price of good X rises and the price of good Y falls in such a way that the consumers new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded between old and new bundles. Now suppose that the consumers income doubles. graph this situation. is one or more of the goods inferior? If so which one is it and why is it considered inferior.
Suppose that the trade pattern of a country is that it exports foodstuffs and imports fancy sports equipment. Can you make a case that trade acts like a regressive tax in its impact on the distribution of real income and welfare within the countr..
Calculate what would be the minimum annual vehicle use in km/year that would justify the choice of a diesel engine car over the petrol version? Does this correspond to your answer to 4) above?
Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day.
The basic economic argument for greater income equality is that: an equal distribution of income is the logical outcome of any tax-transfer program. because citizens enjoy political equality, they are also entitled to economic equality.
Results for Linear Demand Curve Estimation. Kenny Mcormick manages a 100-unit apartment building and knows from experience that all units willbe occupied if rent is $900 per month.
Edision Electric Company's president has been arguing that residential electric rates need to be raised relative to industrial rates. His reason is that the rate of return that company earns on its assets is higher from its industrial customers
The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's marginal cost is constant at $10 per unit. a. Express the firm's marginal revenue as a function of its price. b. Determi..
Amityville has a competitive chocolate industry with supply curve Ps =440+Q. While market demand for chocolate is Pd=1200-Q, there are external profits that the citizens of Amityville derive from having
Imagine your company has put you in charge of developing a sustainability plan, a common framework your organization will use to achieve its sustainability goals. Devise two strategies you would have your company adopt, and explain why you believe..
Provides a background commentary on the cost structure and the level of competition experienced by your firm/industry. You must include demand and supply factors, fixed and variable factors/costs, price elasticity and the aims of the firm/industry..
Five Companies sell pez candy and differentiate in terms of customer service and flavors
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
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