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The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8. At a price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. If per capita income increases to $20,500, what will be the quantity demanded of rice? If the price of rice increases for $0.40 to $0.41 per sound and income per capita remains the same, what will be the quantity demanded of rice?
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
Discuss and explain wage determination in a labor market in which workers are unorganized and many companies actively compete for the services of labor.
Fangorn Inc., a forestry firm, faces a constant marginal cost for producing firewood of 2 gold coins per cord. As the firm’s uses very rudimentary equipment, its fixed costs are only 10 gold coins.
explain how a 0.5 adjustment in domestic interest rates would affect international investment flows. determine if
assume that the low-calorie microwavable food company from assignments 1 and 2 wants to expand and has to make some
1. what do you mean by quality of capital per worker? how does improvement in quality of capital affect economic
The IT industry is full of patents. There are some companies, referred to as patent trolls, whom purchase these patents in hopes of making money by enforcing patents against alleged infringers. Determine the impact of government regulation
In a small open economy in a flexible exchange rate system with perfect capital mobility, there is complete ________ crowding-out of ________ policy. An increase in the nominal money supply will shift
How many minutes will the average consumer spends travelling to another ATM machine and what is the resulting non-pecuniary price of an ATM transaction?
a pet store is considering adding an employee discount of 25 off anything in the store to the benefits the employees
Normal 0 false false false EN-US X-NONE X-NONE You spend $1000 dollars and..
1. assume that all expenditure is summarized in the following consumption and investment functionsc 200 billion 0.8
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