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The demand for organic carrots is given by the following equation: QDO =75−5PO +PC +2I where PO is the price of organic carrots, PC is the price of conventional carrots, and I is the average consumer income. Notice how this isn’t a standard demand curve that just relates the quantity of organic carrots demanded to the price of organic carrots. This demand function also describes how other factors affect demand namely, the price of another good (conventional carrots) and income. a) Draw the demand curve for organic carrots when PC = 5 and I=10. b) Using the demand curve drawn in (a), what is the quantity demanded of organic carrots when PO = 10? c) Using the demand curve drawn in (a), what is the quantity demanded of organic carrots when PO = 5? d) Now, suppose PO = 10 and PC = 15 (I remains at 10). What is the quantity demanded of organic carrots? Compared with your answer in (b), has there been a change in demand or quantity demanded? Demonstrate using a graph. e) What happens to the demand for organic carrots when the price of conventional carrots increases? Are organic and conventional carrots complements or substitutes? f) What happens to the demand for organic carrots when the average consumer income increases? Are carrots a normal or an inferior good?
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
Working at home (preparing meals, taking care of children is not counted as part of GDP. Such work also doesn't constitute employment in labor- market statistics. Calculate the measured employment and unemployment and the measured labor force for eac..
q.according to the rule of most favorable input usage a firm should hire a person as long as her marginal revenue
Consider a competitive industry with many identical firms. The supply curve of an individual firm is given by S1(p) = 2p when p ≥ $2 and S1(p) = 0 when p
q1. the hilton hotel chain serves both business and vacation travelers. d business and mr business represent the demand
Why is the use of the permits more efficient than the regulation requiring each firm to reduce pollution by one unit?
Analyze how prescription drugs affect the demand and supply of other products and services in this country.
If prices of x and y are doubled while the income remains the same, the budget constraint:
Are there any good reasons to have 12 Federal Reserve banks scattered around the country rather than having everything run by the Board of Governors in Washington, D.C.? What are the costs and benefits? Suppose that you thought that someday you would..
Interest rate if no one else will give me a loan? Will I be better or worse off as a result of taking out this loan. How can you make a case for legalizing loan-sharking.
Steven consumes only two goods, both of which are normal goods. He is maximizing his utility in consumption of both goods. Now assume the price of one of the goods increases. How should Steven's consumption change?
q1. in july 2012 u.s. gasoline had a nominal price of 3.49 and in july of 1992 it was 1.14.determine the real price of
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