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Suppose that an i-phone producer produces 300 i-phones a week. Initially the price of i-phone is $200 and the demand function for i-phone is: x1=20+(m/(10*p1)), where x1 is the amount of i-phones demanded and p1 is the price of i-phone . Calculate the substitution effect, ordinary income effect and endowment income effect of an increase in p1 by 20% on the the amount of i-phones demanded
A man wishes to set aside some money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated inflation rate is 8%.
The demand schedule in the first market is Q1=100-0.5P1, where P1 is the price of the product and Q1 is the amount sold in the market. In the seconds market, the demand is Q2=140-P2, where P2 is the price of the product and Q2 is the amount sold i..
Suppose that the production function of an economy follows the formula Y = F(K, bN) where b denotes the number of units of "human capital" per worker and bN the "effectiveunits" of labor. Due to effective educational policy, the stock of human cap..
Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (..
Lori, who is risk averse, has two pieces of jewelry, each worth $400. She wants to send them to her sister in Mexico. She is concerned about the safety of shipping them. She believes that the probability that a shipped package will not arrive is q..
You have worked as a real estate agent for 10 years and are earning about $100,000 per year with your current agency. You prepared the following information to use in evaluating the financial feasibility of starting your own agency.
A company is considering replacing a painting machine purchased 9 years ago for $700,000. It has a market value today of $40,000. The unit costs $350,000 annually to operate and maintain. A new unit can be purchased for $800,000 and will have annu..
Real GDP was $4719 billion in year 1 and $4848 billion in year 2. In contrast real GDP per ca pita in year 1 was $19261, but in year 2 it was only $19162. Why did one measure increase while the other measure decreased
A firm with market power produces a chip at a marginal cost of $10 per unit and zero fixed costs. It faces a demand function given by P = 50 - Q. What are the profits of the firm at the optimal price and output combination
A recent college graduate got a job and began a saving account. He authorized the bank to automatically transfer $75 each month from his checking account to the savings account. The bank made the first withdrawal on July 1,2007
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year.
In 1993, Tim Berners-Lee created the Web and the bubble began. The bubble describes the amazing stock run of Internet companies, when their values soared to unbelievable and what were thought to be unattainable heights from 1993 to 2001.
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