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1.McDonald’s Restaurant sells two goods: hamburgers and French fries. Suppose that McDonald’s increases the price of its French fries from $2 to $4 and the quantity demanded of McDonald’s hamburgers increases from 1500 units to 2000 units. Calculate the cross price elasticity of demand for McDonald’s hamburgers when compared to McDonald’s French fries. What type of relationship exists between McDonald's hamburgers and McDonald's French fries?
2. Suppose someone's utility function takes the form: U = XY Also suppose that this person has an income (I) of $100, and the price of good X is $5 and the price of good Y is $10. A. How would you algebraically describe this person's budget constraint? B. If this person wanted to maximize their utility, how much of good X and Y would they buy subject to their budget constraint?
Read the excerpt from “First Generation” of Dreaming in Cuban, by Cristina Garcia. She considers the vagaries of sports, the happenstance of El Líder, a star pitcher in his youth, narrowly missing a baseball career in America. His wicked curveball at..
In a system in which there is an administered exchange rate, what is the term used when the government sets the rate higher to buy fewer units of foreign currency?
In a new, highly automated factory, labor costs are expected to decrease at an annual rate of 5%; material costs will increase at an annual rate of 4%; over-head costs will increase at 8%. The labor, material, and overhead costs at the end of the fir..
Using amtrak and usinggraphical analysis to analyze the issues presented in the current event (possible graphs production function, total and marginal product curves, curves, MR = MC, long and short run equilibrium, or any other curve or any other gr..
When economists attempt to predict the spending patterns of U.S. households, they will typically view the ____________ as a primary determining factor that influences the individual consumption choices that each will make. The step-by-step process of..
Consider the case of an accident involving an injurer and a victim. The victim has suffered a harm of 10,000. The law holds the injurer liable to fully compensate the victim if and only if the former was negligent. Find the ‘range of the settlement’ ..
The famous Swedish economist Assar Lindbeck remarked in his book on rent controls, “rent control appears to be the most efficient technique presently known to destroy a city-except ofr bombing”. Why would Professor Lindbeck think rent controls are de..
If you were personally responsible for implementing a particular marketing strategy, which implementation approach would you be most comfortable using, given your personality and personal preferences? Why? Would your chosen approach be universally ap..
Suppose the demand for tablets is given Q = 2000 - 10 P. Where Q is the quantity demanded and P is the price of tablets. Plot the demand curve. What is the inverse demand? What is the slope of the inverse demand? Calculate the elasticity of demand wh..
Assess the role of the Federal Reserve in mitigating the negative impact of the 2008 financial meltdown on the economy.
Evaluate the U.S. nursing shortage in terms of demand and supply.
Intermediate Microeconomics -- Assume the market for generic aspirin is perfectly competitive. At equilibrium, the price elasticity of demand for generic aspirin is characterized as ED = − 1/5. Where b is a numerical value, P represents the price of ..
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