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Suppose for three years income has been increasing and the income elasticity of demand for ACME tools is 0.3.
a. What will the change in the number of ACME tools being purchased be, if the rise in income over the past 3 years has been 10%. (Show graphically as well as providing a number.)
b. Are ACME tools an inferior or a normal good?
c. If forecasters are predicting that income will continue to rise in the next year, can ACME expect their sales to rise as well?
The future of cities in the united states and in other countries will be determine by their abilities to benefit from the _____________ and to minimize or counterbalance the __________________.
Explains how the organization's goals drive the selection of the information systems. The roles each organization's stakeholders play in the selection and acquisition process.
Gomez runs a small pottery firm. He hires one helper at $15,500 per year, pays annual rent of $5,500 for his shop, and spends $21,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
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Assume the price of large gulf shrimp is $18 per pound and that the price of hard shell Maine lobster tails is $36 per pound. Your professor uses ½ pound of lobster or ½ pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/..
Hamlet will trade two pizzas for one six-pack for beer and be equally happy. At the same time, Ophelia will gladly exchange two of her six-packs for six pizzas. Is the allocation of beer and pizza Pareto efficient? Illustrate using an, Edge worth Box..
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Utilize the sticky-income theory of cumulative provide to explain illustrate what will take place to o/p also the price level play in this adjustment
Why did the budget surpluses in 2000 and 2001 give way to a series of budget deficits beginning in 2002? Why did those deficits increase substantially beginning in 2008?
A young couple is purchasing a new sport utility vehicle. The price of the new vehicle is $28,300, sales tax is 7.5%, title and registration will cost $105. The dealer is offering a special finance rate of 1.9% APR for 36 months (compounded monthly)...
What will happen to the equilibrium price and quantity of hairy crabs if: Use a diagram to show the tax burden on buyers and sellers and briefly explain your answer. (ii) use a separate diagram to indicate the changes in consumer surplus and producer..
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