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Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path is horizontal.
a. How does Alexander's expenditure on air travel respond to changes in pair? Show that his demand for air travel is inversely proportional to pair.
b. What is the price elasticity of the demand for air travel?
c. Are textbooks complements or substitutes for air travel?
How many minutes will the average consumer spends travelling to another ATM machine and what is the resulting non-pecuniary price of an ATM transaction?
If the real wage can adjust to equilibrate labor supply and labor demand, what's the real wage. At this equilibrium what are output,employment, and the total wage of workers. congress cannot dictate ow many workers firms hire at the mandated wage.
A firm that emerges as the only seller in an industry with economies of scale is a(n): The profit maximizing rule MR = MC applies to: Suppose that the total cost curve for a firm is given by the equation TC = a + bQ, where 'a' and 'b' are positive nu..
This price reduction would also increase sales to 220,000 units during the relevant years. a) Make the decision tree. b) What is the optimal strategy for the monopolist?
The following link should take you to an article by Krugman that appeared in The New York Times on September 6. 2009. He contrasts the stark differences between the salt water and fresh water camps of macroeconomists. What does he find to be the k..
Estimate the number of cups served per week and determine outlet demand curve. What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve
The firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275.what are the firm's ATC per unit at these three levels of production.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
Graph Jay's budget constraint when her income is 50, and the price of housing and food is 2 and 10 respectively. What happens to her budget constraint when M increases?
A machining process produces specialty metal parts used in aircraft. A particular part is designed to be 62 cm in length. The machine is set to cut at 62 cm but the process is stochastic with a mean length of 62 cm and a standard deviation of 0...
Write down any set of numbers. Calculate thier mean, and then the average deviation from the mean. c) Prov that, for every possible sample of n observations, the average deviation from the mean is exactly zero. Is this also true for deviations fro..
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