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“The law of demand says that when the price of something falls, more should be consumed. But when the price of a vacation falls, I still just take one vacation per year.” How does the law of demand fit in this circumstance?
Assume that the demand for cigarettes is perfectly inelastic, whereas the elasticity of supply is one. The equilibrium price is $1 a packet and the equilibrium quantity is 1000 packets a week..
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
Explain why, when the price of good changes, the price elasticity of demand is likely to be higher or lower as a longer period of time elapses. Consider as an example the OPEC oil price increases in the 1970s.
What are the potential long term problems for unions in agreeing to labor-management cooperation programs?
q.assume that company abc is replacing workers on the manufacturing floor with robots and other machines. company xyz
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interes..
List the three most important expenditure programs of the federal government. How do these differ from the three most important expenditure programs of state and local governments? Explain why it makes more sense for the federal government to purchas..
A firm will have constant profits of $100,000 per year for the next four years, and the interest rate is 6 percent. Assuming these profits are realized at the end of each year, what is the present value of these future profits?
You find that your paycheck for the year is higher this year than last. What does that mean that your real income has increased. Explain carefully.
1. What category of budgets are the governance board more likely to be interested in? 2. With a long-term view, which specific two budgets are the most relevant to the governing board and for what reason?
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1.00 per poster. She has fixed costs of $100.00. Her variable costs are $1,500 for the first thousand posters, $1,200 fo..
Assume that the dairy industry is initially in a perfectly competitive equilibrium. Assume that, in the long run, the technology is such that average cost is constant at all levels of output. Suppose that producers agree to form an association and be..
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