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Compute and discuss elasticities for the following cases:
A. When consumer income increases by 4%, the demand for Ramen Noodles decreases by 6%. What is the income elasticity for Ramen Noodles? Explain what this income elasticity measure tells you.
B. When the price of bread increases by 7%, the demand for butter decreases by 9%. What is the cross price elasticity? How are the two goods related - are they substitutes or complements? Explain why.
C. When the price of pork increases by 8%, the quantity of lamb purchased increases by 5%. What is the cross price elasticity? How are the two goods related - are they substitutes or complements? Explain why.
How does complexity in business process such as procurement (purchasing) cause an increase in cost?
Inflation impacts the before- and after-tax analysis. In performing analysis, it is important to understand how inflation impacts the world economies. When inflation occurs, we are able not able to buy as much and our future dollars hold less value t..
Suppose the price of capital in the restaurant industry decreases. Explain how the decrease in the price of capital affects the demand for labor in this industry. Be sure to explain both the scale and substitution effects.
Mary Lib purchases a house for $450,000. She makes a down payment of $40,000 at the time of the purchase, and the balance is financed at 6.0% compounded monhly, with monthly payments made over a 10-year period. What is the size of the monthly payment..
What lump sum of money (P) must be deposited into a bank account at the present time so that $500/month (A) can be withdrawn for five years (N), with the first withdrawal scheduled 6 years from today at a nominal interest rate (r) of 9% per year? [Hi..
What is a characteristic line? How is this line used to estimate a stock's beta coefficient? Write out and explain the formula that relates total risk, market risk, and diversifiable risk.
Draw a supply and demand diagram to show what happens to price, quantity, consumer surplus (CS), and producer surplus (PS) in the market for computers.
q1. according to a study of u.s. cigarette sales between 1955 and 1985 when the price of cigarettes was 1 higher
Suppose prices were p1 = p2 = 1 and income was 10. In the next year the price of good 1 doubled. The price of good 2 stayed the same. Calculate the CPI income adjustment. Calculate the new optimal bundle. And lastly, calculate the amount of the subst..
Illustrate what is expected interest rate that will be charged by a bank that cannot exactly distinguish between two types but knows probabilities of each type.
Suppose the interest rate on a fixed-rate, 30-year mortgage is 6.5%. Lex can afford to make payments of $1100/month. What is maximum mortgage Lex can afford??
The government is considering a policy to reduce air pollution by restricting the use of “dirty” fuels by factories. In deciding whether to implement the policy, how, if at all, will the likely effects of this policy impact real GDP?
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