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Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good without any close substitutes is likely to have relatively demand, since consumers cannot easily switch to a substitute good if the price of the good rises. 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 most elastic demand? Diamond necklace Chemotherapy for cancer patients
Why is the production possibility frontier bowed outwards?
Applying the principles of the Keynesian model, what specific economic policies would you propose to accomplish these goals.
The city of Springville is building a new fire station. The city is expanding and is in need of a second fire station closer to the newer areas of the city to ensure shorter response times. The project manager and the project team have been selected ..
Suppose that a firm's fixed proportion function is given by q = (min{k,l})^.5. write the short run maximimization problem and derive the 1st order condition. If the wage is w=1 and the price of output is p=4, how much labor will the firm demand in th..
Do unexpected monopolistic profits serve any useful function in a market economy? Could additional oil revenue be used to explore and develop new fields?
Fetzer valves can be made in either China or the United States, but because labor in the United States is more skilled, on average, than labor in China, the production technologies differ. Consider the two production isoquants in the figure. Each rep..
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
Firm A emits 200 tons of pollution and firm B emits 150 tons of pollution. Assume that the government issues 300 tradable permits (with one permit allowing for one ton of pollution). Each firm receives 150 tradable permits. Would the annual pollution..
There are two distinct sectors: taxidermists (X) and tap dancers (T). It is surprising that there is complete labor mobility between the two sectors. There are 200 equally talented workers who supply their labor inelastically.
Over a period of two years, you made 24 monthly purchases of a stock. You paid $500 for the first month, and increased by $10 per month thereafter. At the end of the two years, you sold all the stock for a total of $18,000. What effective annual rate..
Explain how did the early classical economists view the relation between productions also consumption.
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
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