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How are the following calculations are made?
When income increased by 10%, the quantity of memberships of athletic clubs increased by 15 percent, the quantity demanded of spring water increased by 5 percent, and the quantity demanded of soft drinks decreased by 2 percent. Use the
a. Is club membership a normal or an inferior good?
b. Is demand for club membership income elastic or income inelastic?
c. Is spring water a normal or an inferior good?
d. Is soft drink a normal or an inferior good?
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook-Algebraically determine the equilibrium industry price/output combination.
Suppose that fiscal policy changes output faster than it changes the price level. How might such timing play a role in the theory of political business cycles? Is this a valid role for fiscal policy?
We are in the midst of a slow growing economy in the aftermath of a severe recession. During the economic downturn many businesses laid off workers very quickly once they forecast their sales were dropping. What is the economic reasons behind cutt..
Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually happens in each situation.
Between the types of costs faced by a firm how can technology help firms to lower their costs. What are some specific examples of how firms have used technology to lower costs.
If hotel management decides to price-discriminate in a manner that maximizes profit, what will be the marginal revenue in each of the market segments, A and B?
What is the opportunity cost of going to a doctor to be examined for skin cancer? Would eliminating research reduce or increase the cost of U.S. health care?
Explain how much more money has the Fed printed and where is it now. What affect will an increased M1 money supply have in the long-run.
A person has an expected utility function of the form U(w)=w^1/2.He has an initial wealth of $25.He also has a lottery ticket that will be worth $75 with probability 1/2 and will be worth $0 with probability 1/2.
Using a graph, explain in terms of the elasticity of demand for farm products why farmers may be better-o¤ when harvests are low even if we ignore the money they receive from the set-aside program.
Techland and Clothworld are 2-nations with the similar number of employees. In Techland each employee can make 4 units of technology OR 4 units of clothing.
Use this information to calculate the price elasticity of demand for Model T Fords. Use the midpoint formula in your calculation.
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