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Years have passed. You are now working with a prestigious think tank on K-Street. Early one morning, you find yourself in a heated discussion with one of your brightest colleagues. He gets very upset with you, because you are trying to make the point that, ceteris paribus, it is possible for a decrease in price to result in a decrease in quantity demanded. He argues that you are simply wrong.
Task: Using budget lines and indifference curves, prove to your colleague that he is wrong.
Decompose the change in price into two components: pure substitution effect, and income effect.
Construct the diffusion index from month 2 to 3. This problem, we have three leading indicators and the diffusion index from month 1 to 2 is 66.7 (=2/3) because two indicators move up and one moves down
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
Bertrand solution. How much each of the firms is producing and what is the resulting price and how much each of the firms is producing and what is the resulting price? What are the firms' profits?
In short run, assume that all the costs [except film rental and concessions] at a theater are fixed, and that each theater can seat five hundred people per day, no more.
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
Someone say that capitalism is designed to create the rich richer and poor poorer. Enron raised benefits from 96 to 99 for yearly report purposes,
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
This question is intended to understanding of the basic Ricardian model by having you work through a problem on your own. There are two nations, Canada and United States, and two goods X and Y.
The price charged to consumers, the average total cost of production and the efficiency of the market outcome
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