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The price of food increased during the past year.
a. Explain why the law of demand applies to food just as it does to all other goods and services.
b. Explain how the substitution effect influences food purchases and provide some examples of substitutions that people might make when the price of food rises and other things remain the same.
c. Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
If the AD shortfall is $800 billion and the MPC is 0.8, (a) How large is the desired fiscal stimulus (b) How large an income tax cut is needed how much more government spending would achieve the target
Greg, who is five years from retirement, receives a $10,000 bonus at work. He is trying to decide whether to save this extra income in an IRA account or in a regular savings account. Both accounts earn 5 percent nominal interest, and Greg is in th..
On the basis of your answers to Parts a and b, what would be your final estimate for the firm's cost of equity?
(a) Calculate the equilibrium quantity and price for peaches. (b) Calculate the point price elasticity of demand and point income elasticity for peaches at the equilibrium. Also calculate the point cross price elasticity between peaches and aprico..
Compute the cost to the government of this scheme.
Joe's Barber Shop has a daily total cost function of TC = 100+ 4Q + Q2 and the daily demand for his services is Q = 50 - 2P What is the profit maximizing price that Joe should charge for his services
In your second part of the essay, assume an economist estimates the present value of benefits (PVB) of the proposed policy to be $ 4.2 billion and the present value of costs (PVC) to be $ 5.6 billion. Is this proposal feasible? Explain briefly.
For tests of balances, what are the major account balances in the balance sheet need to be examined. Why are these tests important?
Which of the following would be his best business options, depending on what he is willing to risk?
Compare and contrast the simple (deer and beaver) and complex (Glasgow factories) versions of Adam Smith's theory of value.
Assume that the LM curve for a small open economy with a fixed exchange rate is given by Y = 200r - 200 + 2(M/P). This IS curve is given by Y = 400 + 3G - 2T + 3NX - 200r. The function for the net exports is NX = 200 - 100e, where e is the..
Home Depot and Lowes can hire a gardener to maintain a common area for $110 for each of the three summer months (June, July, August). Each month that the common area is maintained, Home Depot expects to gain $100 more profit and Lowes $50 more pro..
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