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1. A good without any close substitutes is likely to have relatively _______? demand, because consumers cannot easily switch to a substitute good if the price of the good rises.
2. A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?
a. Sports car
b. Amputation procedures for patients with diabetes
3. Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the most elastic demand?
a. Toothbrush
b. TV and Internet service plan
c. Light bulbs
Conduct research on the current state of Social Security. Your 5 page paper should address the following: Explain the concept of Social Security as originally envisioned by President Roosevelt. Evaluate the viability of Social Security within the nex..
When banks borrow directly from the Fed, the interest rate on those loans is the. An increase in money growth will cause inflation to increase in. What is the purpose of the Fed's structure?
If the market demand curve is Q = 100-p, what is the market price elasticity of demand? If the supply curve of individual firm is q = p and there are 50 identical firms in the market, draw the residual demand facing any one firm. What is the residual..
Estimate the strength of your bargaining position for each option. Which of these would be the most advantageous.
What is the short-run equilibrium price. What is the short-run equilibrium market quantity.
find a pop culture reference from tv movie music magazine... of an economic concept. the reference can be anything we
Unemployment is a more serious economic problem than inflation and it should be the focus of the Fed’s monetary policy.” Evaluate this statement and explain why the Fed’s primary policy goal is price stability.
Horizontal equity can be determined by comparing the
You think that you need $60,000/year to live on when you retire. Assuming an annual inflation of 3.4%, how much would you need in actual dollars per year 40 years from now to have the same purchasing capability?
John’s preferences over toothpaste (good 1) and beer (good 2) are represented by utility function u = ln x1+ x2. Prices are given by p1 and p2, and he has income of m. What fraction of his income does he spend on toothpaste?
Suppose that the nonlinear price discriminating monopoly in panel a of figure 12.4 can set three prices, depending on the quantity a consumer purchases. Where Q is its quantity, p is its price, and A is its level of advertising. Its marginal cost of ..
The following equation represents the daily market demand for crude oil. If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms? Now suppose collusion is allo..
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