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Demand twisters: Sketch and explain the demand relationship in each of the following statements.
a. I would never buy a Britney Spears CD! You couldn’t even give me one for nothing.
b. I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I’ll buy out the entire stock of the supermarket.
c. I spend more on orange juice even as the price rises. (Does this mean that I must be violating the law of demand?)
d. Due to a tuition rise, most students at a college find themselves with less disposable income. Almost all of them eat more frequently at the school cafeteria and less often at restaurants, even though prices at the cafeteria have risen, too. (This one requires that you draw both the demand and the supply curves for school cafeteria meals.)
Residents of a town take turns driving a water truck to a fire hydrant in a nearby town. They fill the truck with water and then haul it to a storage tank. Last year truck fuel and maintenance cost $3180.
Which of the following statements best describes the retail market for electricity - Estimate the (own) price elasticity (of demand).
Examine the history of immigration to the United States from the Cape Verde Islands. How did the immigration to the US impact Manuel?
The quantity of coffee demanded Qd depends on the price of coffee Pc and the price of tea Pt the quantity of coffee supplied Qs depends on the price of coffee Pc and the price of electricity P e .
The scientific method is more difficult for economists than, say, chemists, because: a-controlled laboratory conditions are more problematic in economics. b-it is difficult to hold other factors that may affect the variables being studied constant in..
Will you be a net borrower or net saver - In exchange for a good grade in this class, you offer me a series of bribes.
Globalization
suppose that Abel builds a factory next to Baker´s farm, and air pollution from the factory harms Baker´s crops. Is Baker´s property right to the land being violated Is an externality present What if the pollution invades Baker´s home and harms he..
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
Compute their TR, MR, ATC, MC and profit/loss schedules and find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
How do education and heathcare impact the economy externally? Make sure that you show the relationships between education, healthcare, and the economy.
Produce the profit maximizing level of output and therefore there will be no deadweight loss associated with this production.
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