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In evaluating the accuracy of their statements, should one distinguish between (i) economist’s descriptive statements, propositions, and predictions about the world, and (ii) their statements about what policies should be adopted. Explain in detail
Can you think of a product that is a large part of your budget where the price elasticity of demand is very low? Why is it so low? In estimating demand functions, what is the most important thing to remember? Why?
Boris budgets $40 week for his morning coffee with milk. He likes it only if it is prepared with 3 parts coffee, 2 part milk U= min {3/2M,C}. Coffee costs $2/oz, milk $1/ oz. Graph the two budget constraints and the two optimal bundles with coffee on..
Suppose that a firm has "pricing power" and can segregate its market into two distinct groups based on differences in elasticities of demand.
Illustrate what are the main determinants of the amount of excess reserves held by banks. Illustrate what is the primary determinant of deposits and the money supply in the long-run.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
A business is generating $1000 a month for the next 5 years at a nominal interest rate of 12% compounded monthly. How much cash should one pay for it?
Consider a health insurance contract offered to a population of risk averse people. People in the population have different risks for illness and this is known to each person but is unknown to others. Would the market for this health insurance produc..
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
A Publishing company uses 400 printers and 200 printing presses to produce books. Elucidate how should the manager adjust input usage.
The following shows the demands and marginal revenue in two markets, 1 and 2, for a price discriminating firm along with total marginal revenue, MRT, and marginal cost MC: Compare the demand conditions in each market; i.e. how do the two markets diff..
Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential.
Illustrate what's the equilibrium price and quantity in the free market equilibrium. what's the best tax to impose on the power plant, why.
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