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From 1982 to 1986 retail sales of furs in the U.S rose from $0.4 billion to 1.0 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 1990 and 20% in 1992. In 1992 a spokesperson for the fur industry blamed the sales decline on the recession.
If the 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
In 1990 the government imposed a 10% tax on furs, if 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) explain
Write out the Quantity Equation of Money. What do we mean by the velocity of money? The real GDP in the U.S. grows at a rate of 3% in the long-run. If the QTM holds, by how much should money supply increase so that the long-run inflation rate in the ..
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 15 billion cases of beer were sold every year at a price of $7 per case. The amount of the tax on a case of beer is $_______ per case. Of this amount, the burden..
When the Economy is at the point of Full Employment, is the Unemployment Rate zero percent.
q.the cost of hiring a new lab technician is 8000 per month including fringes the cost of leasing additional testing
In a small, rural community, the aggregate labor supply curve is given by L^s = -40 + 10w and aggregate labor demand by L^D = 160-10w, were w is the hourly wage rate. After a national story about the quality of life in the small town, migration shift..
1. derive the fundamental equation of the solow model2. country a as well as country b both have the production
The EZ Credit Company offers to loan a college student $6,200 for school expenses. Repayment of the loan will be in monthly instalments of $382.95 for 18 months. The total repayment of money is $6,893.10, which includes the original $6,200, $1,234.72..
A machine produces 1000 units of product per day in an existing manufacturing operation. The machine has become obsolete due to tightened product quality standards. Replacement machine A will cost $20,000 and will produce the needed 1000 units of pro..
Where Qx represents thousands of donuts; Px is the price per donut; Py is the average price per donut of other brands of donuts; and Ax represents thousands of dollars spent on advertising Newton’s Donuts. The current values of the independent variab..
Assume a downward sloping line on a graph represents the amount of money that a typical snowboarder /skiier visiting Mount Mogul ski resort on a typical day would be willing to pay for successive lift trips up the mountain if lift trips were charged ..
q1. susie purchased a non-refundable ticket to a soccer match for 20. it will cost her 10 worth of gas and wear and
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