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in the following two panels, the demand for good x shifts due to a change in income (panel A) and a change in the price of a related good Y (panel B). holding the price of good X constant at $50, calculate the following elasticities: a. panel A shows how the demand for X shifts when income increases from $30,000 to $34,000. use the information in Panel A to calculate the income elasticity of demand for X. is good X normal of inferior?
Miguel is a farmer who produces oats. The oat market is a pure competition market. Miguel is now making choices in the short run. The going rate for oats is currently $24 per unit. The total cost function is as the table above shows. What is the p..
f(L,K) = ln(L+1) + ln(K+1) (1) Does this function has any corner solutions? If so, what are the values (2) For what values of (w,r,y), is there an interior solution for cost minimization (3) Find all possible interior solution for (L*,K*)
How do you find AP, MP, TVC, TFC, TC, AVC, AFC, and ATC if the problem gives you a list of # of people doing the labor, quantity produced, fixed costs, and wage rate for example, wage rate is $100 a day, firm has $200 in fixed costs.
Determine the economic activity that takes place in Underground Economy have any impact upon any Economic Indicator.
On the planet Omicron Persei 8, government spending is $1000, net taxes are $1200, and planned investment is $1400. Consumers spend according to the equation C = 100 + 0.8Yd, where Yd represents disposable income.
(a) What are the equilibrium quantity and equilibrium price Graph your solution. (c) If a $2 excise tax is levied on this good, what will happen to the equilibrium price and quantity. How much tax revenue does the government earn with the $2 tax.
What term would economists use to describe what happened in year 3 Expansion OR Recession If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average growth rate
A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today
The New York Taxi Cab Company has just purchased a new fleet of models for the year 2000. Each brand-new cab cost $20,000. From past experience, the company estimates after-tax cash returns for each cab as: An = $65,800 - 30,250(1 + 0.15)^(n-1)
The comparative advantage for pizza production belongs to __________ and the comparative advantage for pizza delivery belongs to __________. Based on their comparative advantages, Pat should specialize in _______ while Corey should specialize in ____..
Your utility function for present and future consumption is given by U(P,F)=P*F. You earn an income of $50,000 in the present, and will subsequently earn an income of $50,000 in the future. Will you be a net borrower or net saver.
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x + 15y Subject to 5x + 2y ? 40 x + 2y 0
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