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Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: Instructions: Enter your answers as percentages. Include a minus (-) sign for all negative answers.
a. The price of good X decreases by 6 percent.
b. The price of good Y increases by 8 percent.
c. Advertising decreases by 4 percent.
d. Income increases by 5 percent.
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view?
Historically, young French workers (under age 25) have had relatively high unemployment rates: 21 percent in 2005. In 2006, the French government proposed to allow employers to fire young employees without cause (a labor restriction). How should this..
Adam Smith rejected utility as a foundation for value. He illustrates this rejection in his famous diamonds and water paradox. Briefly explain how the cognitive switch from total utility to marginal utility resolves this paradox.
In presenting your thoughts and beliefs, contextualize your opinion in terms of challenges of managing that diversity issue within your workplace.
q1. suppose that i make 15 per hour and you make 20 per hour and we both like to eat hamburgers that cost 5 each.
Your local fast food chain with two dozen stores uses the company’s internal corporate marketing department to produce signage, print ads, in-store displays, and so forth. When placing an order, store managers are assessed a chargeback (transfer pric..
Countries seeking to adopt the euro as their currency must meet certain criteria, including the requirements to keep their government budget deficit equal to 3% or less of GDP, and to hold government indebtedness to less than 60% of GDP. Discuss why ..
Eddies precision shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. Annual maintenance costs for t..
Suppose a perfectly competitive industry whose demand and supply are characterized by the following demand and supply functions: Qd = 180 − 2P and Qs = 10P. How many units will the representative firm produce? Taking this quantity as the average per ..
What happens to the profits of boat makers in the short run. What happens to the number of boat makers in the long run.
q1. the average height of 27 unfertilized plants is 13 cm s 3.9.and you wish to test whether this differs
How does a bank examiner use a UBPR (uniform bank performance report) to understand a bank's historical trends and their future prospects?
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