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Think about the demand for the three game consoles: Xbox, PS3 and Wii. Explain the effect of the following events on the demand for Xbox games and the quantity of Xbox games demanded, other things remaining the same.
a.) The price of an Xbox falls.
b.) The prices of PS3 and a Wii fall.
c.) The number of people writing and producing Xbox games increases.
d.) Consumers’ incomes increase.
e.) Programmers who write code for Xbox games become more costly to hire.
f.) The expected future price of an Xbox game falls.
g.) A new game console that is a close substitute for Xbox games comes onto the market.
Suppose a firm’s production function is given by Q = 2KL, where K is capital and L is labor. What is the marginal product of labor when 4 units of capital are employed? The marginal product of labor in the production of computer chips is 50 chips per..
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
Generally describing the business also include a plot of the Price also Quantity data that you obtained.
An energy management system that can save $7,500 per year for four (4) years, expenses are $2,000 per year, can be installed at a cost of $20,000. At the end of four (4) it is expected to be sold for $1,250. Using the end of year convention, the rate..
The supply and demand curves are: Qs = -800 + 15p and Qd = 3200 - 25p. Solve for the market equilibrium. Now suppose a tax of $20 per unit is imposed on consumers. What are the new equilibrium quantity, buyer's price and seller's price? What is tax r..
The time for a new instructor to create a Blackboard test question and check it out is 219 minutes. Determine the time in minutes or fraction thereof for him to create the 39th question if the average coefficient of learning is 0.77.
The recent immigration of labor into the United States from Mexico has led to increased calls for new restrictions on this movement of labor (including greater enforcement of existing restrictions). What would be the costs and benefits to the United ..
At the Bretton Woods Conference in 1944, two proposals were made to manage international payment imbalances: (1) Keynes’ International Clearing Union (or Bancor plan) and (2) the United States’ plan (International Monetary Fund). How were these plans..
Now, the government realizes aforementioned situation that the one firm controls the industry. Economic officer from the government asks you to fix this problem. Provide your solution by applying the price regulation scheme and you have to give me a ..
Identify an economic issue that both parties address and compare and contrast their views on that issue. Generally speaking, how much of the disagreement is based on normative economics compared to positive economics?
Although there was no migration between the states, after Jan. 2003 employment rose in Hamilton and fell in Franklin. How can this be explained.
q. consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit
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