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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.
Changes in tastes reduce the demand for wheat substantially. What happens to price and output in the market for wheat? What happens to the price, output, and profits of the individual wheat farmer in the short run? Illustrate with diagrams.
On the horizontal axis, K/L represents capital (K) per work hour (L). On the vertical axis, Y/L represents output (Y) per work hour (L). 10. Refer to Figure 1. The curve becomes flatter as the amount of capital per work hour increases because of a. i..
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage in..
Suppose the supply curve for a good shifts rightward, causing th equilibrium price to decrease. The decrease in the price of the good results in:
If Julie prefers Diet Coke to Diet Pepsi and Diet Pepsi to regular Pepsi but is indifferent between Diet Coke and Classic Coke, what are her preferences between Classic Coke and regular Pepsi? If James purchases a Ford Mustang rather than a Ferrari, ..
And within a few months, they reduced the amount of scrap to $7,000 worth [per year]." Was this necessarily an economically efficient move? Explain your answer.
George W. Bush was elected president in 2000 and his administration conducted fiscal policy together with the monetary policy conducted by the Fed responding to the recession. Although the fiscal policy conducted by the Bush administration successful..
Consider Adam Smith's canons of taxation. Identify on of his ideas and post your thought on its applicability to the current income tax system in the United States. please post the canon of your choice, your premise, and a narrative in support of you..
q1. the wall street journal once stated regarding fannie mae and freddie mac that their profit is privatized but their
When external costs are present
As a result of the recession that began in 2007 and continued into 2009, the unemployment rate rose to as high as 10 percent. By the time of the congressional elections of 2010, the economic recovery was under way, but the unemployment rate was still..
Eddie’s Precision Machine Shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $50,000. Annual maintenance co..
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