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Problem-
When the price of a top-of-the-line luxury sedan was $85,000 there were 6,184 sold. Several years later when the price was $116,000, although the cars were basically unchanged, there were 9,462 sold. Does this mean that the demand for these sedans slopes upward to the right (i.e., that it is positively sloped in two-dimensional space)? Carefully explain.
Additional Information-
The problem belongs to Economics and it is clarify about demand for luxury products. An example of top-of-the-line luxury sedans has been given. In this case, as the cost increases, so does the demand for the cars increase?
Explain how the following events affect output, capital and consumption per unit of labor in the long run and along the transition according to Solow's Model:
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
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Suppose that the firms markup over costs is 6%, and the wage-setting equation is W = P(1-u+z) where u is the unemployment rate and z is equal to 0.03. What is the real wage as determined by the price-setting equation? What is the natural ..
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