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Esen consumes only two goods, meat and potatoes. When the price of meat rises, he buys less meat and less potatoes. Based on this information, we can say that
a. meat is necessarily a normal good.
b. meat is necessarily an inferior good.
c. potatoes are necessarily a normal good.
d. potatoes are necessarily an inferior good.
e. None of the above.
The size of the market will help determine which of the following factors:
What are the three tools involved with balance of payment details? What are some of the impact the Federal Reserve actions have? What are the types of tariffs?
Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receiv..
The composition of pennies is 95% copper and 5% zinc. Coper sells for $3.50 per pound and zinc for $1.00 per pound. It takes approximately 130 pennies to add up to the one pound of total weight. It cost the U.S. Mint $2 to produce 100 pennies. The U...
If the company requires a minimum return of 25%, illustrate what should be the minimum yrly sales for 12 yrs to justify the investment.
Suppose demand for a good is QD = 50 - P and supply is QS = -10 + P. How much is the producer surplus? How much is consumer surplus?
Assume you are the new manager of a local company. In addition to demonstrating your managerial skills during the interview for the position, the Vice President of Human Resources (HR) was impressed with your positive and charismatic attitude. Will y..
The general linear demand for good X is estimated to be Q = 125,000 – 400P – 0.76M + 360PR Where P is the price of good X, M is the average income of consumers who buy good X and PR is the price of related good R. Write the direct demand function in ..
Describe the relevant criteria that the Australian Bureau of Statistics use to determine whether a person is ‘unemployed' and what problems do you see using this measure?
Your community has been chosen as the site of a new power plant that will be the source of electricity for the entire region. This power plant will be within a few blocks of your house, so you have been given the opportunity to help choose the type o..
Labor markets are characterized by asymmetric information because
Other things the same, if technology increases, then in the long run
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