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Suppose that when household income in a city rises by 2%, and the price of good X remains unchanged, the quantity demanded of good X decreases by 15%. Then, in this city, the income elasticity of demand for good X is (7.50, -7.50, -0.13, 0.13) , and you know that good X is (an inferior good, a normal good).
Who are the informal and formal gatekeepers in the community? Provide a rationale for your answer that includes how and why you identified these gatekeepers. What are the next steps for gaining buy-in from these gatekeepers, and why? Provide a ration..
Explicate why the PPF before the war is different from the PPF after the war. Explain how you appraise the role of modern government.
Consider other proposals to replace the federal income tax structure with a flat tax structure or a national sales tax. How would these alternative tax proposals affect income distribution?
A Rand Corporation study of cocaine estimated the price elasticity of demand for this illegal drug.
Suppose people who are thinking about buying an existing home (demanders in the housing market) are current home owners who are thinking about selling their homes (i.e. suppliers in the housing market) suddenly believe that existing home prices are l..
A young physician makes $250,000 per year with an annual salary increase of 2%. He is interested in buying a house. He has $130,000 in his savings account. The appraisal value for the house is $600,000. After exhaustive shopping for a mortgage, a ban..
Two companies, Lawnman Inc. and Tauro Co., are competing in the manufacture and sale of a new type of kryptonite-powered lawnmowers. Lawnman has a somewhat older plant and requires a variable cost of $150 per lawnmower; What is the break-even quanti..
If consumers are rational, they will attempt to equate the "bang for the buck" of various items that contribute to their satisfaction within the constraints of some budget. Equate the ration of ( price / marginal utility ) for each item in their budg..
A tax system achieves equity when:
Suppose General Motors is trying to hire a small firm to manufacture the door handles for Buick sedans. The task requires an investment in expensive capital equipment that cannot be used for any other purpose. Why might the president of the small fi..
If 7,218 of the Ahmadi cell phones were priced at least $119.00, how many cell phones were produced by Ahmadi, Inc.?
Nominal gross private domestic investment was $1888.0 billion in 2008 and rose to $2057.4 billion in 2009. The chain-weight price index for gross private domestic investment was 106.6 for 2008 and 110.3 for 2009, where 2005 was the base year. Calcula..
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