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Suppose that both wheat and corn have an income elasticity of 0.2. a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity demanded of wheat increase each year, holding all other factors constant? Instructions: Round your answer to 1 decimal place. Holding all other factors constant, if 10 billion bushels are demanded this year, by how many bushels will the quantity demanded increase next year if incomes rise by 2 percent? million bushels. b. Given that average personal income doubles in the United States about every 30 years, by about what percentage does the quantity demanded of corn increase every 30 years, holding all other factors constant? percent.
What is average variable cost? Is the firm profitable? Should it stay in business? Should it stay in business in the short run? Should it stay in business in the long run? Show your work and explain answer.
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
In tight housing markets rent controls are often applied to hold price of housing to a reasonable level. How does this policy affect the relative gains of tenants and landlords and the allocative function of prices— (answers) it prevents landlords fr..
Does the covered interest parity condition hold? Why or why not?b. How could you make a riskless profit without any money tied up assuming that there are no transaction costs in buying and or selling foreign exchange?
Compute most favorable output also profit for each firm and the market price. Also, compute the resulting profit of cartel.
According to Van Wormer and Link (2015), the faith that even the most disreputable or downtrodden of clients can find some progress in life if they are treated with respect while working on their difficulties is an inherent part of the social work im..
Suppose you have purchased a bond with a coupon rate of 8% that makes interest payments semi-annually, a yield to maturity (hint: this is the annual figure) of 6.5%, and a par value of $1000. If the bond matures in 5 years, what is the price of the b..
Oligopoly is the predominant market structure in the airline industry. In the express package business, FedEx, UPS, and DHL compete in the global air express industry. In the US, FedEx and UPS are a duopoly.
Explain how that factor can cause productivity figures to be misleading. Is there another way to compare the two plants that would be more meaningful?
Suppose a firm employs capital (K) and labor (L) to produce a product with the following production function: Q = min(K, L), where Q is the quantity produced and min(K, L) is the minimum (i.e., smallest) value of K or L. For example, if K = 20 and L ..
In 2005, Clear Chanel (an owner of multiple popular radio stations) spun off concert promoter Live Nation into an independent company. How would this affect prices for concert tickets or rates for radio programming?
Why does the government have a bad reputation of being inefficient? And if it is inefficient in some areas and not others, does that mean they should privatize the inefficient responsibilities?
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