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The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8 . At the price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. a. is rice an inferior good, a necessity, or a luxury? Explain b. if per capita income increases to $20,500, what will be the quantity demanded of rice? c. If the price of rice increases to $0.41 per pound and income per capita remains at $20000, what will be the quantity demanded.
Explain how does a firm solve this pricing problem to maximise profits. Explain, using a diagram to support your answer.
In Japan, potential GDP is 600 trillion yen (¥) and the table below shows Japan’s aggregate demand and short-run aggregate supply schedule. Draw a graph of the aggregate demand curve and the short-run aggregate supply curve. What is the short-run equ..
Explain why this budget constraint but you cannot tell anything about the MRS at this point.
When a court interprets the meaning of a statute, what is the responsibility of the court? to determine and carry out the intent of the legislature that enacted the statute, to determine the best social policy for addressing the problem raised by th..
An upstart phone company has only two potential large customers, Firm A and Firm B. Firm A’s monthly demand for phone calls is Q1 2,800 200p (with p measured in cents) and Firm 2’s is Q2 5,000 100p. The marginal cost of providing a phone call is 6 ce..
If the United States is a net importer of a product that is being subsidized or dumped by Japan, not only do US consumers gain, but they also gain more than US producer lose from the subsidies or dumping. Explain why.
Explain how would a citizen whose income is in the bottom one percent talk about scarcity and trade-offs.
Suppose that, at the last minute, the company decides to purchase the same machinery at the same rate (8 percent), with payments decreasing by $7,500 each year. How much is the first payment?
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Who has the comparative advantage in the production of shirts? What about for computers?
In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price above the market price. Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor?
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) The government issues an NPDES permit authorizing exactly 20 tons of emission..
Identify and talk about at least four companies that you regard as having characteristics listed here. Suppose you bought common stock in each of four companies identified here.
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