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1. Suppose the income elasticity of demand for used jet skis is 3.5. If the level of income decreases by 1 percent, the number of used jet skis sold will, ceteris paribus:
a. Rise by 0.29 percent.
b. Rise by 3.5 percent.
c. Fall by 0.29 percent.
d. Fall by 3.5 percent.
2. Suppose Jason has allocated his entire budget to the purchase of apples and bananas. The marginal utility of the last apple purchased is 10 utils and each apple costs 10 cents. The marginal utility of the last banana purchased is 10 utils and each banana costs 5 cents. Jason should:
a. Select more apples and fewer bananas because he likes apples more than bananas.
b. Select more bananas and fewer apples because of the lower price for bananas.
c. Select more bananas and fewer apples because he gets more marginal utility per dollar from bananas.
d. Jason has made the choice that gives him the most total utility.
Using the net benefit ratio method of Deaton, please tell us whether a 10% increase in output price will increase or decrease the economic welfare of each of the following three agricultural households, by how much, and why (be sure to show your w..
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When a company's depreciation is larger than its gross investment, net investment becomes negative and the firm's capital stock decreases.
What desire to purchase does not vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iPhone.
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