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A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is 30. Is this consumer maximizing his utility?
Consider a seller who values a car at $9,500 and a buyer who values the same care at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the follow sales tax rates: 0%, 2%, 4%, 6%, and 8%?
At a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each day i..
A Define each of the following: 1 Gross Domestic Product at Market Prices. 2 Gross National Product at Market Prices. 3 Gross National Product at Factor Cost. 4 National Income.
Demand function: qd=5,000-50p, where qd is quantity demanded and p is price per unit.
Explain why Canada should or should not take a leadership role in environmental practices and Fair Trade policies. This must be from a business perspective
What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced?
In 1951, Coke used to cost $0.37 for a pack of 6, an average house was worth about $16000, and a car was $1400 to 2200. All these goods are much more expensive now
During the Civil War, one of Lincoln’s first actions was to blockade ports, which prevented trade. The South had to increase its production of munitions and food.
If Starbucks’s marketing department estimates the income elasticity of demand for its coffee to be 1.75, how will looming fears of a recession (expected to decrease consumers’ incomes by 4 percent over the next year) impact the quantity of coffee Sta..
Which of the management challenges globalization; leading a diverse workforce; and ethic, character, and personal integrity-have had an important impact on the evolution of Zappos? Explain your answer.
Suppose your local Congress representative suggests that the federal government intervenes in the gasoline market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why?..
Statsia has only 20 hours per week that she can devote to trainingfor her race." which basic principle of individual choice does this sentence bestillustrate?
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable..
The market of laptops is given then take the range of values for the price from $1 to $30 and calculate corresponding demand and supply quantities.
Suppose that individual forecasts of a particular interest rate are normally distributed with a mean of 10 percent and a standard deviation of 1.6 percent. (Round k, Q1, and Q3 to three decimal places, and round percentages in part a to the neares..
Elucidate that specialization and trade can move both countries beyond their production possibility frontiers.
Explain why would this be described as a Prisoner's Dilemma game.
Is the value of a house built in 2000 and resold in 2011 included in 2011 GDP? Why or why not? Would the commissions for the real estate agent who helped buy (and sell) the house in 2011 be counted in 2011 GDP? Why or why not?
If prices rise, people’s income from selling goods increases. However, the growth of real GDP ignores this gain. Given this information, why do economists prefer real GDP as a measure of economic well-being?
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
Find MPS (marginal propensity to save), MPC (marginal propensity to consume) and the multiplier. b. What is the break-even level of income? c. Would you consider the break-even point as the equilibrium point? Why or why not?
Can you explain how FISCAL POLICY (making changes to government spending and taxes) would affect Aggregate Demand (AD) How do these two mechanisms of expansionary policy differ
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