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Suppose consumer J has a weekly income of $ 200 that spend on food, clothing and lodging. The average price of food is $ 2, clothing is $ 10 and accommodation is $ 50. At these prices the consumer J buys weekly: 50 units of food, 5 units of clothes and 1 accommodation units. Suppose the price of the food decreases to $ 1.50. 1. If consumer J continues to buy the same quantities of the three goods, how much would you spend? How I know call that effect? 3 2. What would be your prediction about the amount of food that consumer J will consume at this new price of $ 1.50 per unit of meal? How is this effect known?
Find an equation for each line - Find the coordinates of the intersection of the two lines by solving the two equations simultaneously.
Presume a Zombie Apocalypse will occur. Describe how it will affect one of the major economic variables (consumption, investment, government expenditures, imports and exports, capital, profits, labor force, banking, money...)
assume the demand curve faced by a monopolist is given by the following tableprice demand total revenue marginal
In problem (4) assume that the firm's initial capital stock is $5 million. Also assume the rate of capital depreciation is 10 % a year. What would be the firm's capital stock after 5 years if annual investment are- $600,000
How would an increase in the world price of oil affect the amount of frictional unemployment. Is this unemployment undesirable. What public policies might affect the amount of unemployment caused by this price change.
What are discouraged workers? Are there likely to be more discouraged workers when the economy is booming or when the economy is in recession?
By comparing the world price of horseradish to Cropland’s domestic price of horseradish, we can determine whether Cropland
providing the highest-quality products and the highest level of customer service are two of the core values of michaels
Further, assume that the countries have similar resource endowments and that, initially, they are not trading with each other. Therefore, each of the countries has to produce both rice and tea for its citizens. Suppose that, in the no-trade situat..
1.-What are the short- and long-term economic benefits and cost associated with our current high federal government budget deficits 2.-Do you think the economic benefits outweigh the economic cost, why or why not
Climate change results from particular human activities in every country across the world. To what extent can government intervention in any individual country such as Australia be effective in combating it?
A new piece of equipment comes with 100 free service hours over the first year. What are the average and marginal costs per hour for the following quantities
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