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Question: Suppose there are two goods available to the consumer--coffee and tea. Suppose that the price of coffee decreases. What impact will the substitution effect and income effect have on the quantity demanded of coffee if coffee is a normal good? Explain. What impact will the substitution effect and income effect have on the quantity demanded of coffee if coffee is an inferior good? Explain.
What were the labor-force participation rate and the unemployment rate for this group?
The graph below shows the aggregate production function of two nations, A and B. Suppose that in 1958 each nation had $100 of physical capital for each worker and in 2008 each nation had $400 of physical capital per worker. Figure: Nations A and B..
For Mitzi, shampoo and conditioner are perfect complements. She likes to use 1 squirt of shampoo and 1 squirt of conditioner each time she washes her hair. Draw a set of indifference curves for Mitzi that illustrate the utility she derives from using..
For simplicity, let's assume that every household has a marginal propensity to consume (MPC) of 0.75. If the government implements a fiscal policy involving its purchases of goods and services
Making Inferences What do merchants usually do to sell items that are overstocked? What does this tell you about the equilibrium price for the product?
Moreover, even students who have never taken Psychology 1 would probably know who Pavlov was, or what we mean by sibling rivalry. Suppose that the exam above was our Psychology 1 exam, where each question had four alternative choices. What woul..
The mysterious character of the commodity-form consists therefore simply in the fact that the commodity reflects the social characteristics of men's own labor as objective characteristics of the products of labor themselves, as the socio-natural p..
A particular project is estimated to have an economic life of 5 years and generate yearly incomes as shown below. The initial investment is $100,000.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently Si per poster. What is her AFC per poster (not per thousand!) if she prints 1,000 posters? What if she prints 2,000 pos..
What are some costs of unemployment
What is the difference between relative poverty and absolute poverty and How does Statscan measure each? Under what circumstances is each measure relevant? Explain.
If an economy experiences a decrease in consumer spending, most economists believe:
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