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A survey found that when incomes increased by 10 percent, the following changes in quantities demanded occurred: spring water up by 5 percent; sports drinks down by 2 percent; cruises up by 15 percent. Which demand is income elastic? Which is income inelastic? Which are normal goods?
Populate the MDC-DW database, using the SQL statements you wrote to answer part G.
Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. Assume that the supply and demand curves for oil are linear. The current estimates of the price elasticity of supply and demand in the U.S..
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD mo..
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
Assuming that under price controls rationing is as inefficient as possible, while under the quota the allocation is as inefficient as possible, under which program is the deadweight loss larger: the price ceiling or the production quota?
(Hint: The probability that two fair coins both come up heads is 0.25, and the probability that two fair coins both come up tails is 0.25.) Why does the second lottery have a smaller variance?
Of the POB constructs that are covered in the chapter, which one do you think has the most potential for impacting employee performance? Why?
Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel. How are the laws of supply and demand illustrated in this graph Explain your answers. What is the equilibrium price and quantity in this market As..
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses t..
Figure 1 illustrates the labor market in a country that does not tax labor income. Suppose that the government introduces a Social Security tax on workers of $2 per hour. Use this information to work Problems.
Your company has a customer who is shutting down a production line, and it is your responsi-bility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is ..
Explain the circumstances under which a competitive firm would rather shut down. Support your explanation with a graph.
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