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An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dollars i. What sign should this student expect a, b, and c to have? Explain.
Mention four key points from the reading assignments that were emphasized in the simulation. Find out how price elasticity of demand affects the decision making of the consume
Suppose that unusually hot weather in summe causes the demand curve for ice cream to shift to the right. Why will the price of ice cream rise to new market-clearing level?
Are you for or against free trade Are you for or against NAFTA What is the economic basis for trade Explain the underlying facts that support free trade and give an example
One basic popular voting scheme is rank-order voting, where individuals assign a rank (1,2,3) to the possible alternatives; the assigned ranks are then added up and the alte
Further assume that in a good year the artist earns $50,000 and that in a bad year she earns $30,000. calculate the artist's average propensity to consume on average.
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the
Determine the effects of a temporary increase in the quantity of government purchases on current equilibrium output, employment, the real wage, the real interest rate, the n
In this larger geographic market, the firm's market share is low. Therefore, the defense claims, the firm does not have the market power necessary to carry out anticompetiti
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