Classified as normal goods or services and inferior

Assignment Help Business Economics

Reference no: EM131236891

Which of the following goods are likely to be classified as normal goods or services? Inferior? Defend your answer. Beans Tuxedos Used cars Used clothing Computers Books reviewed in The New York Times Macaroni and cheese Calculators Cigarettes Caviar Legal services

Reference no: EM131236891

Questions Cloud

Price of transportation services increases : Based on surveys conducted by the BLS, the CPI basket assigns a weight of approximately 15% to transportation spending. Suppose you walk to your workplace every day and you do not use any other means of transportation. With everything else the same, ..

Types of oligopoly that pertains to the automotive industry : Types of oligopoly that pertains to the automotive industry. The four assumptions that relate to game theory. Types of business strategies employed by the automotive industry. Does "Cheap Talk" promote good business relationships? Please explain.

Derive the demand for each good : Suppose a company could produce a high and low quality good. Each consumer can buy a high quality good (with quality exogenously given as s2), a low-quality good (with quality s1), or no good. In other words, each consumer makes, at most, one purchas..

Future worth of series of equal? year-end deposits : What is the future worth of a series of equal? year-end deposits of $3,000 for 13 years in a savings account that earns 12?% annual interest if the following were? true? All deposits are made at the end of each? year? All deposits are made at the beg..

Classified as normal goods or services and inferior : Which of the following goods are likely to be classified as normal goods or services? Inferior? Defend your answer. Beans Tuxedos Used cars Used clothing Computers Books reviewed in The New York Times Macaroni and cheese Calculators Cigarettes Caviar..

Labor and capital receive of total income : In macroeconomics, we assume that total rental and labor income (wL+rK) is equal to total output (Y), use your previous answers to show that Income=Output is the case. What are the shares of Income that Labor and Capital receive of total income? (As ..

The value of the consumer price index : In May? 2013, the value of the Consumer Price Index? (CPI) in a certain? country, Polonia, reached an? all-time high of 240 index points and per capita nominal GDP was? $42000. In January? 1950, the CPI was at its lowest at 68. Calculate real GDP per..

Using standard diagram with an upward-sloping demand curve : What are the likely consequences on the U.S. market for tobacco products for each of the events listed below? Would the supply curve or the demand curve shift? Please indicate the direction of the shift. State whether the equilibrium price and the qu..

Deals with a highly competitive industry : Please analyze a current events article that deals with a highly competitive industry such as online advertising. Your analysis should include the factors driving change in the industry. Decide if there are potential changes due to globalization or t..

User Account

All Pages