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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?
Assume that the consumer has $10 to spend on A and B; that is, x + y = 10. What is best way to allocate the expenditure of the $10? What is the marginal utility per dollar in the optimal allocation?
Suppose the US government places a ceiling on the price of internet access also a black market for Internet providers arises, with internet providers developing hidden connections.
Assume an economy produces only pizza also jeans. If some resources are unique in the construction of either pizzas or jeans.
If incomes rise for both low-income and high-income workers, but rise less for the high-income workers.
Illustrate what was the cost of recalls per year before the software was purchased if the company did exactlyy recover its investment in 4 years from the 10% reduction.
Assume which two people, Michelle also James every live alone in an isolated region. They every have the same resources available also they grow potatoes also raise chickens.
As per to Global Insight, a Massachusetts economics consultancy, elucidate what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months.
Why people demand for money? What are the two types of demand for money? What is equilibrium interest rate? Why supply of money is vertical?
q.the metropolitan book company assumed with certain that the ordering cost is 1200 per order as well as the inventory
The demand for 1,000 units of a part to be used at a uniform rate throughout the year may be met by manufacturing. The part can be produced at the rate of 3 per hour in a department that works 1,880 hours per year.
A portfolio has an expected annual return of 15.7 percent and a standard deviation of 19.6 percent. What is the smallest expected loss over the next calendar quarter given a probability of 1 percent?
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
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