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A manufacturer of automobiles conducted a market survey. Sixty percent of the customers want better fuel efficiency, while 45 percent want a vehicle navigation system and 25 percent want both features.
What is the probability that a person wants a better fuel efficiency given that he wants a vehicle navigation system?
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. If Kath buys only pizza, how many can she buy? Formulate the intercept-slope equation of Kath’s budget l..
What is the relationship between civilizations and globalization?
Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy is 1,500,000 people and 1,300,000 people are currently working. Calculate the unemployment rate Calculate the employment rate ..
According to the RBA website, the current inflation rate is 1.5%. The RBA normally aims for inflation to be between 2 and 3 per cent. Since inflation is below 2%, and in reference to the media release by Glenn Stevens, why didn’t the RBA reduce the c..
Disinflation may cause
If an earthquake decreases cement supply by disabling a major cement plant and increases demand by necessitating repair jobs, what does the model of supply and demand definitely predict for the cement market?
Economists believe that it is generally not possible for firms in competitive and well-functioning markets to reap any extra profits from hiring superior factors of production in the long run. With the aid of diagrams, carefully explain the reasoning..
Consider the premier coffee industry, assuming Starbucks and Peet’s Coffee are the only two firms in the market. Both firms are contemplating the decision to advertise or not (for simplicity, assume the firms only decide whether or not to advertise, ..
hould the measure of imports used in the GNP accounts therefore be defined to include only imports of FINAL goods and services from abroad. What about export.
With the help of a diagram, discuss the effect of price ceiling imposed by the government on the welfare to the society (consumers' and producers' surplus) If the ceiling price were set below the equilibrium price.
Bernice’s preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1), and her income is $12. If prices change to ($3, $1), the compensating variation
IM’s utility function can be expressed as u(x, y) =?1/X + y and his monthly income is 10 DOLLAR. Given that price for X is P won and Y is 1 DOLLAR, Calculates the X point price elasticity of demand.
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