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A 5 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 3 percent. What is the cross price elasticity of demand? Are tablet devices and digital apps complements or substitutes?
A monopsonist faces a labor supply curve given by LS = −300 + 0.01w , where w is the annual salary. What is the lowest salary the firm can pay yet still induce one worker to want to work for the firm? What is lowest salary the firm must pay to induce..
The marginal utility for consuming cake (MUC) is 28 and the marginal utility for consuming beer (MUB) is 12. The price of cake (Pc) is $7 and the price for beer (PB) is $4. Find the marginal utility per dollar spent for cake and for beer. What does m..
which planet has the comparative advantage in coffee? in fried chicken?
For each of the following pairs of items, say if they are perfect substitutes, imperfect substitutes, or perfect complements and draw an indifference curve map.
Visit the Bureau of Labor Statistics for state employment also unemployment.
A firm purchased some equipment at a very favorable price of $30,000. The equipment purchased in an annual net savings of $1000 per year during the 8year it was. At the end of 8 years, the equipment was sold for $40,000. Assuming interest did the equ..
What can you say about the level of the real interest rate if people instead are risk averse.
Compute the opportunity cost, for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Jasper can produce.
What is the Federal Reserve (Fed) all about? Which Federal Reserve District Bank is closest to you? Who is the current Chairman of the Fed?
What would happen to the position of the demand curve for dental services if patients had to wait even longer for an appointment with a dentist.
A nation with a large current account deficit is consuming more than it produces or living beyond its means. Is this necessary bad? What is your judgment for the United States?
A manufacturer has been selling 1600 television sets a week at 370 dollars each. A market survey indicates that for each 36 dollars rebate offered to the buyer, the number of sets sold will increase by 60 per week. Find out the demand function.
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