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1. Prove that inferior goods (goods with a negative income effect) have a backward bending income consumption curve.
2. Prove that giffen goods have a positively sloped demand curve and a backward bending price consumption curve.
3. Comment about substitution effect and income effect when price of good one alone decreases if the goods are perfect substitutes.
4. Comment about substitution effect and income effect when price of good one alone decreases if the goods are perfect complements.
5. Prove that compensated demand curve is always negatively sloped.
6. Use weak Axiom of Revealed Preference to illustrate that substitution effect is always negative.
Consider palletizer at a bottling plant that has a first cost of $171,112, has operating and maintenance costs of $13,378 per year, and an estimated net salvage value of $62,550 at the end of 30 years. Assume an interest rate of 8%. What is the futur..
In a monopolistically competitive market, the rule for maximizing profit is to set MR=MC, which means. Perfect competition displays________________________ because the social benefits of additional production, as measured by the price that people are..
Estimate amount of former foreign-monopoly profit that is transferred as tariff revenue to home nation when home nation imposes tariff.
q.the money demand as well as curve is given by the following equation md 5000 - 10000r 5y md is money demand as well
At the 2013 Winnebago County Fair a vendor is offering a "fair special" on sandals. If you buy one pair of sandals at the regular price of $50, you get a second pair at a 40% discount, and a third pair at half the regular price. Javier took advantage..
If it causes output to increase by more than 10 percent, production function is said to exhibit increasing returns to scale. Why might a production function exhibit decreasing or increasing returns to scale.
For the following questions, identify whether it is a change in supply or a change in quantity supplied. Indicate the direction of the change (increase or decrease).
List the potential costs and benefits of placing a substantial percentage of pay at risk for all employees in the following types of organizations: a hospital, a restaurant, a brokerage firm, and a fashion design house.
Which of the following might most closely represent a monopsonist? In a monopsonistic labor market, the marginal-factor-cost curve is
As a judge, Nina decides cases that involve principles of various sources of law. Common law is
The third through sixth payments are $1000 greater than the first two. Determine the size of the first (end of period 1) payment.
With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift of demand, pr..
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