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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
Explain how the following events affect output, capital and consumption per unit of labor in the long run and along the transition according to Solow's Model: The destruction of 30% of the capital stock because of a natural disaster. A permanent incr..
Define the equilibrium price and quantity.descibe the situation at a price of $10.00.what will occur.
q1. illustrate what is a random walk? explain how is halls random-walk model of consumption related to the life-cycle
If you have been offered $137,000 for a job in Los Angeles and $117,000 for a similar job in Dallas, which job gives you the higher purchasing power of the bundle of goods in the price index.
mr. banks knows that line maintenance expense varies with company size and he wants to use the latter to predict the
Many legal standards exist that businesses are required to meet in order to ensure product safety. These standards tend to be well defined, and adherence is a generally accepted risk mitigation strategy. Less quantitative risks exist, often in the ar..
Graphical demand and supply analysis, explain the impact on price and quantity in the market for petrol if oil production is disrupted.
One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
When on leave, workers receive 55% of their normal paya. Illustrate what are the likely responses on the demand (employer) side of the market.
Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is n..
The mean hourly wage for employees in goods-producing industries is currently $24.57. Suppose we take a sample of employees from the manufacturing industry to see if the mean hourly wage differs from the reported mean of $24.57 for goods-producing in..
You are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2. The firm can hire labor at a wage of $15 per hour and rent capital at a rate of $60 per unit. Com..
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