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Suppose that a consumer spends a fixed amount of income per month on the following pairs of goods:
a. tortilla chips and salsa
b. tortilla chips and potato chips
c. movie tickets and gourmet coffee
d. travel by bus and travel by subway If the price of one of the goods increases, explain the effect on the quantity demanded of each of the goods. In each pair, which are likely to be complements and which are likely to be substitutes?
It is often said that a good theory is one that can be refuted by an empirical, data-oriented study. Explain why a theory that cannot be evaluated empirically is not a good theory.
Economists who align more with the "Classical" school would have a "leave it alone" (Laissez Faire) attitude and would oppose active policymaking. "Rational Expectations Theory" (a "new classical approach") suggests that people figure out what wil..
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour.a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is high enough so that the firm's total costs exceed its total revenue.
How does the market price of a good in a monopoly market compare with the market price of the same good in a perfectly competitive market.
The government must hold a referendum before any public good is produced. B) The government has to facilitate the collective decision making in the production of public goods. C) The government must force the firms to produce all the public goods...
Discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
what advice would you give as the economic analysis team and Your client states that it is worth $4,000 annually to be his own boss and not be a butcher any more. Would that change your advice? How and why?
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month.
How does the federal reserve have a high degree of instrument independence? If it has a specific mandate from Congress to achieve "maximum employment and low, stable prices," then how does the Fed have goal independence?
Analyze the three different money models the ATM model of the models (the ATM model of demand for cash, the liquidity-preference model, and the dynamic model of money) to determine which model seems most appropriate for explaining the way money wo..
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
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