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Trevor consumes two goods: fruit (good x) and vegetables (good y). His demand for fruit is given by x(px,m)=.04m-4.24px. His income is $322, the price of fruit is $2, the price of vegetables is $1. If the price of vegetables rises to $3, calculate total change in quantity demanded, the substitution effect, and the income effect. Is fruit a normal or inferior good?
Explain how much pollution reduction should Appalachian Coal Mining undertake.
What are three limitations to traditional cost risk analysis? Explain how qualitative and quantitative data collection is different. Also discuss how the risk driver approach can be useful in minimizing the limitation to traditional cost risk analysi..
One major reason that GDP is an inaccurate measure of the true level of economic activity is that
Give an example of how nations can benefit from trade on the basis of comparative advantage. Explain how both parties can share in the gains from trade.
Calculate consumption expenditures as a percent of real GDP for all years and calculate GDP growth in 2011 and 2012.
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
Using the method of the Lagrange multiplier calculate the prices that you will charge to so that the profit is maximized and at the same time the stadium will be filled to capacity. Calculate the number of each type of tickets sold, as well as the co..
Suppose the value of technology adoption to a given user is log(n) where n is the total number of users who have already adopted the technology. Suppose the cost of technology adoption per user is c. Assume there are N users in the market.
Describe whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both.
When the farmer makes this discovery, what happens to the opportunity cost of wheat, measured in bushels of corn?
Enron will be an example of a dysfunctional company for many years to come. It was clearly a company riddled with fraud also excess
Describe the rationale behind arriving at figures for the natural rate of unemployment, stable prices, and sustainable economic growth.
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