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Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path is horizontal.
a. How does Alexander's expenditure on air travel respond to changes in pair? Show that his demand for air travel is inversely proportional to pair.
b. What is the price elasticity of the demand for air travel?
c. Are textbooks complements or substitutes for air travel?
Some states are required to balance their budgets. Is this measure stabilizing or destabilizing Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on th..
The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
Given the following payoff matrix, (a) What is the best (optimal) strategy for each firm? (b) Would firm A using the low price as a threat if firm B enters? (c) What could firm A do to make its threat credible without building excess capacity
XYZ Corporation faces a horizontal demand curve and the market price is given to be $15. Compute the shutdown price of operations for Corporation XYZ.
These are dualism, materialism, idealism and alternative views. Of the four modern metaphysical ideas, which seems most logical to you Briefly define the view you selected and explain how your reading and experience supports it.
Why would banks tend to lend more in booms and less in downturns and what do these proposals mean for the RBA's policy of targeting inflation?
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
A key year for them is 2015, when Southeast Asia's Open Sky Agreement comes into effect, allowing unlimited flights to all 10 ASEAN members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Use a demand and supply model to describe the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men & women.
The Fed's decided to maintain its low interest-rate target in the face of a rightward shift of theAD curve in the late 1960s which led to an inflationary equilibrium. Discuss the short-run and long-run costs and benefits of the Fed's other two op..
Newbury Drug has recently offered to purchase 25,000 bottles of aspirin that they will sell in their stores under a generic label. Newbury has offered to pay $3.95 for each bottle of aspirin. The controller of Lydek in analyzing the offer has de..
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