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Suppose the annual demand function for the Honda Accord is Qd = 430 - 10 PA + 10 PC - 10 PG where PA and PC are the prices of the Accord and the Toyota Camry respectively (in thousands), and PG is the price of gasoline (per gallon). What is the elasticity of demand of the Accord with respect to the price of Camry when both cars sell for $20,000 and fuel costs $3 per gallon? What is the elasticity with respect to the price of gasoline?
REVEALED PREFERENCE APPROACH The downward slope of the demand curve was justified on the basis of utility derived by the consumer. But specification of consumer tastes in form
Suppose the utility function is given by: u(x,y) = 3x+4y. What kind of goods are X and Y and what is the MRS?
Q. Explain the classical motivation? The classical motivation: Consumers want to smooth their consumption over time. In good times, consumers know that it is a temporary stat
Suppose you have the following information about a closed economy: C = 50 + 0.80 (Y-T) I = 200 G = 100 a) Find out the equilibrium level of income. b) Suppose G in
Doesn''t money move out of stock markets into bond? If more people buy bonds does this not push bond prices up and yields down? My question is about this quote from the Gardian tod
Explain what convex indifference curves means in terms of marginal utility. What properties must a utility function have in order to obtain convex indifference curves?
What are the potential disadvantages of growth? The potential disadvantages of growth are as follows: • Raised pollution, • Depletion of non renewable natural resources
a health club sells 50 memberships when the monthly price is $60 and 70 memberships when the monthly price is $40. the price elasticity of demand for memberships at this health clu
Debate between New Classical and New Keynesian economics?
According to liquidity preference theory, an increase in the price level causes the interest rate to: a.decrease, which decreases the quantity of goods and services demanded. b.inc
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