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An inferior good is one where the demand for the good falls when income rises.
Identify a good that you believe meets the criteria for an inferior good. Is this good an inferior good for all income levels or is there a range of income where it is a normal good?
Briefly describe the barter system and its potential to be inefficient. What is money? How did money alleviate some of the aforementioned inefficiencies and assist in the development of markets in the acient world?
q1. thomas schelling and expert on nuclear strategy and arms control observed in his book the strategy of conflict
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
A firm believes the sales volume (S) of its product depends on its unit selling price (P) and can be determined from the equation P = $100 - S. The cost (C) of producing the product is $1000 + l0S.
In the year 2011 the prices at which producers sold their output were quite real to those producers. If they had tried to sell their products at 1983 prices their customers and stockholders would have rightly thought the producers had lost touch with..
Estimate the owner's decision to start Sound Devices. Are any of the above costs likely to be one-time costs? If so, how would this affect your answers. Explain.
1. describe the schumpeterian notion of creative destruction. how does it compare to kirzners view of the
Use the information below to calculate the Consumer Price Index and the inflation rate. The base year is 1975.
Suppose V=$0, what is Jim's labor supply function now. Draw his labor supply curve. Illustrate what happened to his wage and substitution effects.
A monopoly has the market demand Q = 1000-1000P, with a marginal cost, MC = 0.28. What is the optimal price and quantity for perfect competition? What is the optimal price and quantity for monopoly?
Suppose that you win the state lottery. You have two options to receive your winnings. Plan 1 pays you a lump-sum amount of $300,000. Plan 2 pays you $20,000 today, $100,000 after one year, and $200,000 after two years. Assume that the current intere..
List the leading economic Indicators that are analyzed to determine the trend of growth or decline in the economy. What leading Economic Indicators are of significance to your organization and /or Industry, and why. Define "Business Cycle". Does the ..
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