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From 1982 to 1986 retail sales of furs in the U.S. rose from $0.4 billion to $1.9 billion. After this time, there was no additional growth until 1989 when sales increased slightly to $2 billion. Subsequently there was a plunge in fur sales which dropped 40% in 1992. In 1992 a spokesperson for fur industry blamed the sales decline on the recession.
a) If income elasticity of demand for furs is 3, how much of the decline in furs sales in 1990 can be attributed to change in consumers' income? (adjusted for inflation, total income increased 1% in 1990) explain
b) In 1990 the government imposed a 10% tax on furs. If the price elasticity of demand for furs is 1.5, how much of the decrease in fur sales can be attributed to this tax?(assume that the price of furs rose by 10% after the tax was imposed)
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A country with a comparative advantage in the production of a good will------------ production of the good and-------------
q1. you bought two new cds with the last 30 in your checking account and your next payday is on monday. what is the
Julon Petro Materials, Inc. ordered $8.5 million worth of seamless tubes for its drill collars from the Timken Company of Canton, Ohio. (A drill collar is the heavy tubular connection between a drill pipe and a drill bit.) At 10% per year interest, w..
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what is meant by the minimum cash reserve requirements referred to in this clip? b) what terminology do economics use to refer to the process described in this clip?
Alco Metals just sold 2.5million shares through an IPO offering. The shares were offered at $25.50 a share and all shares were sold. The firm received a total of $67,250,000 for this issue. What was the spread? In a recent IPO, the Sausage Co. offere..
Assume the demand function for scooters is given by QD = 20,000 – 10P + 0.2I, where P = price of a scooter, and I = average income of consumers. Also, assume the supply function of scooters is given by QS = 20 P. If the market for scooters is perfect..
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company.
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