Reference no: EM131019308
Quiz 4-
Question 1: CPI/Inflation-
You have the following information about the economy for Little Italy
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Year
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Price of Spaghetti
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Price of Meatball
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Price of Cannoli
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2005
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$4
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$1
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$2
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2006
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$6
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$1
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$2
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2007
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$6
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$2
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$2
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The market basket of goods in Little Italy is one Italian dinner. The Italian dinner is comprised of:
1 order of Spaghetti, 2 Meatballs and 1 Cannoli (This is the market basket)
Using any base year you would like, calculate the inflation rate between 2006 and 2007. (Hint: the inflation rate is the same no matter what base year you use.)
Question 2: Elasticity-
You have the following information about Steak and Lobster.
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Quantity of Steak
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Quantity of Lobster
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Price of Lobster
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100
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100
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$20
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75
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80
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$25
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1. Find the cross price elasticity of demand for steak, using the arc-elasticity formula.
2. Are steak and lobster substitutes, complements or neither? (Circle your answer)
a. Substitutes
b. Complements
c. Neither
d. Not enough information
Question 3: Utility and Preferences-
You know the following information about an individual and their preferences between X and Y, and information about the market for goods X and Y.
MRSXY = -3Y/X
Price of X = $6
Price of Y = $1
Individual's Income = $240
a. Write down the equation for the individual's budget constraint. Be specific.
b. Determine the optimal combination of good X and Y that the individual buys.
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What will happen to optimal consumption bundle
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Retained earnings has a cost associated with it
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What do the output functions y become
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Find the cross price elasticity of demand for steak
: Find the cross price elasticity of demand for steak, using the arc-elasticity formula. Are steak and lobster substitutes, complements or neither
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What is the final value voh reached at the output
: Figure shows a PMOS transistor operating as a switch in the on position. (a) If initially Vo = 0 and at t = 0, vI is raised to VDD, what is the final value VOH reached at the output?
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Explain the effects of such a policy on the market
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Calculate number of units of pasta imports for pasta land
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Find the equation for a circle with a radius of nine
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