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Consumer demand theory states that the quantity demanded of a commodity DX is a function of, or depends on, its price PX , consumer's income Y , and the price of other (related) commodities, say, commodity Z (i.e., PZ ). Assuming that consumers' tastes remain constant during the period of analysis, state the preceding theory in
(a) speci?c or explicit linear form or equation and
(b) in stochastic form.
(c) Which are the coe?cients to be estimated? What are they called?
demand for a good can be characterized by p 100 - q. there are two firms firm 1 and firm 2. they have identical cost
assume you are a policy maker in washington dc. lobbyists for the preschoolers of america h e put pressure on their
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
For a range of interest rates from 5% to 25% would your advice concerning whether to proceed with the project change?
Suppose you were in charge of designing the border security policies for airports, seaports, and roadways in the United States. How would you go about finding the optimal level of security, the optimal level of commercial trade and tourism, and th..
What are the factors that would influence the Federal Reserve in adjusting the discount rate - how does the discount rate affect the decisions of banks in setting their specific interest rates?
Four years ago a company purchased a new copy machine. Due to deterioration, soon a new copy machine will be needed.
A random sample of 100 credit sales in a department store showed an average sale of $120.00.From past data, it is known that the standard deviation of the population is $40.00. Determine the standard error of the mean.
Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to impo..
The pervasive problem of scarcity means that every society must choose among alternative uses of its limited resources. Society has only so much labor, capital, land and entrepreneurship that can be used to satisfy the unlimited wants of its members.
Antonio, an accountant working for the city of Santa Cristina,decides to forego his annual vacation to Hawaii when word leaks out that the city may be cutting all employees’ salaries by 10 percent at the end of the year
Mark resigns from his job as a head chef in a famous restaurant where he earned $70,000 per year to open his own restaurant last year. He withdrew $50,000 of his own savings that had been earning 4% interest and borrowed another $100,000 from the ban..
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