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Question: What is the price elasticity of demand? Is the demand elastic, inelastic or unit elastic? If the price of sugar were to increase by 20 percent, what would be the percentage change in the quantity demanded?According to your estimate, what happened to the sugar revenue after the price rose? Explain.
Ssuppose which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze as each additional cow has less grass to eat than the previous one.
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
Income mobility is quite robust in the United States, with more than half of all families moving up and down at the income distribution ladder and any decade. your earnings in 2008 are a flow of funds measure. Job-related health insurance paid by the..
Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $70,000 and her store made $140,000 in profits (not counting payment to her top manager). Assuming the c..
Compared to Netflix, Blockbuster had very little data on their customers, or understanding of their preferences or behaviors. Which Netflix advantage had the most impact on Blockbuster’s business model becoming disrupted?
On january 1, professor smith made a resolution to lose some weight and save some money. He decided that he would stictly budget $100 for lunches each month. For lunch he has only two coices, the faculty club, where the price of a lunch is $5 and Ali..
Calculate national income form the following figure-consumption: 200 billion. if there were 80 million people in this country, what would the GDP per-capita be? if all prices were to double overnight, what would happen to the values of real and nomin..
Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
Should we have drunk driving laws that restrict economic freedom to drink? Why or why not? Should we have seatbelt laws that restrict economic freedom? Why or why not? Your arguments should be entirely based on economic reasoning.
Suppose Mary has an income of $80 to buy bags and belts. The price of a belt (good 1) is $10 and the price of a bag (good 2) is $20. Martha, Mary’s sister, also buys belts and bags. Her consumption behavior is such that she can buy two belts (good 1)..
In the last two decades, the United States has been subject to very large increases in the immigration of undocumented workers from Mexico, most of them low-skilled, and the government has considered ways to reduce the flow. What effect would it have..
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