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Jack sees commuting by bus and train as perfect substitutes (U = B + T), that is, he would exchange one commute by bus for one commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on commuting. What is Jack's best affordable choice? By how much can train ticket prices increase without making Jack worse off?
Discuss what will happen in this market as it moves to a new equilibrium. If a hard breeze eliminates Brazil's premium coffee corp, what will happen to the price of premium coffee.
If the firms could collude also agree on Elucidate how to split the total profits illustrate what outcome would they pick.
In 2011 the US trucking industry faced the following economic conditions: (i) At last the US economy was recovering from a prolonged slump during which trucking had shrunk its capacity by 14%,
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
explain how much the annual U.S. GDP and GNP in 2010 changed due to her job relocation.
Since your safety officer is insisting that each of your drivers must maintain an average speed of 55mph, what would be the vehicle operating cost of your company for each semi-truck in cent per mile?
Describe the equilibrium price and sales of X. Let PY = $10. Determine whether X and Y are substitutes or complements.
Explain how foreign exchange rates are determined. How do changes in interest rates, inflation, productivity, and income affect exchange rates
In contrast to a socialist economic organization, how would a capitalist system differ. Consider who owns capital (means of production) in two models.
q1. discuss the prognosis or economic outlook for the chilean economy in the coming year. consider the leading economic
how many standard errors it is away from zero. If it is not very far from zero n we might ignore it; if it is far away from zero n we might consider it important. But how far is ‘far'.
Gordon also works 5 hours a week for the economics department to maintain that departments web page. Illustrate the economics department pays gordon $20 per hour.
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