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The price elasticity of demand for coffee in a local area has been found to be 1.5. Elaine a coffee seller is concerned about this since she would like to raise the price of each cup of coffee she sells from the current price of $2.00 to $3.00. If she currently sells 130 cups of coffee each day and she goes ahead to raise the price of coffee, how many cups would she be expected to sell each day? From what we have learned about elasticity, why exactly is Elaine concerned about raising her price? Explain.
Now assume that the economy is open and that the world interest rate is determined on the world market instead of in the domestic economy. Use a two-country model with initial current accounts equal to zero. How does an increase in domestic wealth af..
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase the German products, our demand for euro is going up or down? ..
q.on friday august 5 2011 the rating agency standard and poors downgraded the u.s from aaa to aa. however the other
Utility is given as: U(x, y) = min(x,y) (a) Graph a typical indifference curve for this function. (Hint: Choose a level of utility and draw various combinations of x, y that result in that level) (b) Give examples of goods that are well represented b..
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
Suppose you have three indivisible assets, A, B and C with internal rates of return 2%, 5% and 10% respectively and initial costs of $1, $3, $3. Suppose you have $4 at 1% and can borrow at 12%. Which assets do buy?
Why does the Fed use open market operations as its principal tool of monetary management, rather than changes in the required reserve ratios, or changes in the discount rate? What are the differences in the effects that each technique would have on i..
Explain how does the government decide to use one form of remedy rather than the other.
Determine the equilibrium price and quantity. Outline the significant factors that could cause changes in supply and demand for the product
Illustrate the Circular Flow and Microeconomics in Context Models, being sure to include:
A biotech firm is considering abandoning its old plant, built 23 years ago, and constructing a new facility that has 50% more square footage. The original cost of the old facility was $300,000, and its capacity in terms of standardized production uni..
A substitute good is a determinant of supply. Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency. In the circular flow model, firms own economic resources, and households buy the manufa..
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