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1) Pierre, a Frenchman with a weakness for champagne, recently received a raise. His income rose from $25,000 to $40,000 a year. As a result, Pierre's consumption of Andre Champagne decreased from 15 bottles a week to 5 bottles a week. Calculate Pierre's income elasticity of demand for Andre Champagne. What might be the reason for the decrease in demand?
2) Your friend the grocer lowered the price of chicken from $2.50/pound. to $1.75/pound. He was dismayed to see that the quantity demanded of hamburger decreased from 80 pounds to 64 pounds per week. Since you are the neighborhood economist, he comes to you for an explanation. Respond by calculating cross elasticity of demand. Then explain what happened to the grocer’s sales.
Monetary policy tools used by the Federal Reserve (Fed) today do NOT include
q1. labor is a resource that is necessary to produce many goods. if the price of labor falls says the economist the
Critique a human resource article which study Staffing (recruting and selecting employees, managing employee seperations, downsizing, and outplacement) The critique must contain the following: -A brief introduction of the article -A statement of the ..
Assume there is a lapse from full employment. Compare the solution offered by the classical economists with that offered by J.M. Keynes. How do these solutions differ from those offered by supply siders and monetarists? You might also mention the vie..
How does an increase in interest rates affect the present value of a future payment? How does an increase in the size of a future payment affect the present value of a future payment?
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3,738 per year, paid at the beginning of each year, in which case maintenance is provide. Alternatively, she can buy a use..
Suppose that the economy starts at equilibrium and the mpc = 0.8. Illustrate what would be the effect of a $300 increase in taxes once all the rounds of the multiplier process are complete.
Identify some core values of this organization as best as you can. What do they believe in (beyond organizational success or profitability)?
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals 2.
Suppose your Zimbabwean bank account pays interest monthly with the interest rate quoted as an effective annual rate (EAR) of 50%. (a) What percent interest will you earn each month? (b) Suppose the weekly inflation rate in Zimbabwe is 1%. What is th..
Illustrate which of the following tax systems could NOT be structured to satisfy conditions of vertical equity.
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