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Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which doe he prefer: (explain your answer)
a) Pecans or walnuts?
b) Macadamia nuts or cashews?
Consider the two-period consumption model of borrowing and saving. Suppose Claire has an income of m1 today and m2 a year from now and can borrow and lend at the interest rate r. She chooses consumption levels c1 and c2 given her well-behaved prefere..
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity?
Assume a fixed cost for a process of $15k. The variable cost to produce each unit of product is $10 and the selling price for the finished product is $25. which of the following is the number of units that has to be produced and sold to break-even..
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
In mid 1990s, Japan's annual money supply growth rate fell to 1-2 percent from an average annual rate of 10-11 percent in late 1980s. illustrate what effect this decline had on.
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launching services to commercial firms.
If a competitor increases its price what is the likely impact? Please support your argument using the economic principles you have been reviewing. Quick Profit sells box juice for $7.50 and has an demand function of: Q = 300 - 20P. At the present pri..
The Global Financial Stability Report is a semi annual report published by the International Capital Markets division of the International Monetary Fund (IMF). The report includes an assessment of the risks facing the global financial markets.
During this time period, a weather phenomenon called the Dust Bowl also occurred. Conduct an Internet search on The Dust Bowl to discover more about it.
What is the optimal system of intellectual property rights to encourage innovation? Empirical evidence from economic history can help to inform important policy questions that have been difficult to answer with modern data: For example, does the exis..
In 2000, the SEC proposed new regulations that would limit consulting work by accounting firms. This proposal was not passed by Congress. Do you think the legislators were trying to act in the public interest when they failed to pass this proposa..
According to the principle of monetary neutrality: If the Fed increased the supply of money, and velocity remains unchanged, according to the quantity equation: Suppose the value of goods and services produced in an economy is $10 billion, but the to..
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