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Suppose income increases from $48,000 to $52,000 and the quantity of Kraft macaroni increased from 156 to 164 units per week.
a) What is the income elasticity of demand for macaroni?
b) What does this suggest about the product? Hint: what does the coefficient mean?
Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.
Explain what would happen if banks were notified they had to increase their required reserves by one percentage point from, for example, 9% to10% of deposits.
Cost-Plus Pricing. Wendel Stove Company is developing a "professional" model stove aimed at the home market. The company estimates that variable costs will be $2,000 per unit and fixed costs will be $10,000,000 per year.
a doctoral student has just completed a study for her dissertation and found the following demand and supply
Find the minimizing for x and y - Confirm that the second order conditions and confirm that the second order conditions are satisfied.
gabys rate of return to years of education follows the following equationr 0.5 - 0.07s 0.01awhere is her the rate of
What is the expected value of earnings in the middle period of life? Given this number, what is the present dis- counted value of expected lifetime labor earnings?
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Identify the sales forecast for the firm. Explain the exogenous factors that you need to be aware of when developing these forecasts.
The increase in transfer payments initiated by the War on Poverty during the latter half of the 1960s resulted in 1 a steady reduction in the poverty rate throughout the next two decades.
Problem 1: Assume that the long run total cost function for each firm in a perfectly competitive industry is LRTC = q3 - 4q2 + 8q and the market demand function is Q = 2000 - 100p. Calculate:
If every person has the right to determine whether they live or die, then suicide should be legal.
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