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John’s dining out with his wife during the week more often. Previously they dined out twice a week, but after getting his new job, they are now dining out 5 times per week. On the other hand, they noticed that they are now purchasing 10 frozen meals per week, whereas they were purchasing 20 frozen meals per week before John got his new job. a) What is John’s income elasticity for dining out? b) What does this income elasticity tell you? What is the interpretation of the number you calculate in part (a) c) What is John’s income elasticity for frozen meals? d) What does this income elasticity tell you? What is the interpretation of the number you calculate in part (c)
assume that the cost elasticity for hip replacement surgeries is 0.3. additionally assume that hip replacement
Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Demand curve is ho..
If salmon is a normal good, what happens to equilibrium price and quantity when there is an increase in income?
You are short 30 gasoline futures contracts, established at an initial settle price of $7.62 per gallon, where each contract represents 42,000 gallons. Your initial margin to establish the position is $13,875 per contract, and the maintenance margin ..
So if trade barrier is reduced the Chinese economy will go down also affects the economy of the whole world. Do you agree or disagree with this argument.
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
Define Capitalism as it relates to the U. S. as an economic system. What are pros and cons of a Capitalistic economic system such as the U. S.
suppose that an individual is willing to substitute pepperoni for anchovies at a constant rate on a pizza,what type of goods are inbolved? construct an indifference map that is consistent with preferences for these goods and show the relvant pr..
Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
A monopoly consumer durable company faces a demand curve (in $) for its branded product described by P = 20 - 3Q. Its average variable cost equals $2 everywhere, up to its capacity level of 20 units of output. Fixed costs are equal to $10. There is n..
What is the purpose of a margin call?
If the annual real interest rate on the loans is 6%, explain how many car companies will buy a new car assembly machine.
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