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An individual's income rises from $80,000 per year to $84,000 per year, and as a consequence the person's purchases of movie downloads rise from 48 per year to 72 per year. What is this individual's income elasticity of demand? Are movie downloads a normal or inferior good. I know the movies are a normal good.
Your the manager for a college football team. Assume you own the stadium and the variable cost per attendant is $0. You’ve been told by your in-house economist that you should set the price of tickets at $50 to maximize profit (at current, you set on..
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
What are the pros and cons of globalization? How can a country prepare for it? What needs Canada to do to benefit from the globalization?
In 2009 General Motors (GM) announced that it would reduce employment by 21,000 workers. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn't GM reduce employment by more t..
Discuss how the distribution of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?
The Government of Paraguay considers introducing a tax on pollution. They are thinking to make polluters pay an amount T (tax) for every ton of carbon they emit. If the government does implement the policy, the extra costs imposed on producers will b..
Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. If your i..
For each statement, indicate if it applies to uniform distributed random variable, normal distributed random variable, and/or exponenetial distributed random variable. list all that can apply. x is the uncertain time or space interval between consecu..
A monopolist faces an inverse market demand P(Q) = 200 − 1 2Q and a marginal cost of MC(Q) = 20 + Q. What is the unregulated monopolist’s optimal quantity? What would an appropriate regulatory instrument to bring this market back to efficiency? What ..
Each bundle that the consumer chooses, draw the indifference curve that goes through that bundle.
q.suppose you are the manager of a home-building company and the government is considering eliminating the
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
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