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The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8. At a price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. If per capita income increases to $20,500, what will be the quantity demanded of rice? If the price of rice increases for $0.40 to $0.41 per sound and income per capita remains the same, what will be the quantity demanded of rice?
In the immediate market period for a highly-perishable crop like tomatoes, the individual farmer's supply curve tends to be:
Find the profit-maximizing price and quantity in each market and in which market is demand more elastic?
There is no evidence that the bar owners ever directly communicated. Do you think this is a violation of Section 1 of the Sherman Act?
All-you-can-eat restaurants allow customers to eat as much as they want for a fixed price. These types of restaurants must make money or they would not remain in business. How can they earn profits when people can always eat more which would increase..
how much of the differences in output per worker between Spain and India can be explained by differences in total factor productivity and how much can be explained by differences in capital per worker.
Discuss the issue of health care in the context of the following microeconomic concepts: ?Marginal analysis ?Trade-offs ?Opportunity costs ?Normative versus positive economics
Suppose that the inflation rate in Oct is 8.1%, the inflation rate in Nov is 2.6%, and the inflation rate in Dec is 8.9%. The Price Index was 100 in September. What is the value of hte price index in December?
q1. consider a firm as we did in the notes that maximizes it profits by selecting how many workers and how much capital
Suppose that an increase in consumer confidence raises consumer expectations of future incomes and thus amount y want to consume today this might be interpreted as an upward shift in production function how does this shift affect investment and r..
Analyze the forms of aid to developing nations and determine which have the greatest and least amount of impact on a country during a natural disaster.
Explain how will my family's consumption of omelets change this week and why. Chickens by the way do not respond to published prices in their decision as to lay eggs.
What was the amount of the equal annual end-of-year payments for each of ?rst 3 years? b. What was the amount of the equal annual end-of-year for each of the last 3 years?
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