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1. If the demand for a commodity is elastic, an increase in the price of the commodity
a. Will increase revenue
b. Will decrease revenue
c. Will have no effect revenue
d. May increase or decrease revenue
2. Assume the cross price elasticity of demand for products A and B is positive. Then, the products must be
a. Complements
b. Substitutes
c. Electronics
d. Automobiles
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
Assume the U.S. government wants to hold the value of the dollar at $1.00 U.S. equals 1000 Japanese yen, but finds that the value of yen is appreciating against the U.S. dollar. What would be an appropriate policy to reverse this trend?
q.use the following table to answer questions a-c.output q0 1 2 3 4 5 6total costtc36 45 52 61 74 91 110a. what is the
Use a .01 level of significance to test if there is a difference in the mean production of the three assembly lines. Develop a 99% confidence interval for the difference in the means between Line B and Line C.
Your firm is considering a potential investment project, and your finance group has prepared the following estimates: and NPV of $10 million if the economy is strong (30% probability), and NPV of $4 million if the economy is normal (50% probability a..
Suppose that Portugal and Austria consider trading stained glass and fish with each other. Portugal can gain from specialization and trade as long as it receives more than of fish for each pane of stained glass it exports to Austria. Similarly, Aus..
suppose you are the owner-operator of a gas station in a small town. over the past 20 years you and your rival have
What is your opinion of this economics course? Did it meet your expectations? What suggestions can you offer for improvement of this course for future students? Is there a downside to the global economy evolving to be based completely and wholly on t..
Suppose Jimmy says that he is willing to give up three apples in exchange for one banana, or give up one banana in exchange for three apples. Either trade is alright with him. Suppose that apples cost $2 and bananas cost $1. What trade, if any, would..
What is the implication for the real exchange rate if the PPP condition holds? Under what circumstances does the PPP theory explain how exchange rates are determined why is it not completely accurate all the time?
Illustrate the perfectly competitive market for root beer in chaseystan has achieved long run equilibrium.
You have made arrangements to borrow $1,000 now and another $1,000 three years from now (End of Yr 3). The obligation is to be repaid at the end of four years. If the projected interest rates in years one, two, three, and four are 10%, 12%, 12%, and ..
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