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(a) Suppose the income elasticity of demand for pre-recorded music compact disks is +4 and the income elasticity of demand for a cabinet maker's work is +0.4. Compare the impact on pre-recorded music compact disks and the cabinet maker's work of a recession that reduces consumer incomes by 10 per cent.
(b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other?
(c) Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
(d) Interpret the following Cross-Price Elasticities of Demand (XED) and explain the relationship between these goods. XED= + 0.64 and XED= -2.6
where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizing ticket..
The number of people employed in a city was 128,000. The adult population was 201, 000 and the labor force participation rate was 67%. Based on the figures listed above, what is (1) the unemployment rate, (2) labor force participation rate, (3) numbe..
A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?
The Commerce Department is considering lifting the ban on the import of Brazilian oranges (the world’s largest producer of oranges) into the United States. In your explanation, be sure to distinguish between a change in demand and a change in quantit..
Define the concept of a supply schedule or curve. Show that an increase in supply means a rightward and downward shift of the supply curve. Contrast this with the rightward and upward shift of the demand curve implied by an increase in demand.
Many economists claim that in a small open economy operating under a fixed exchange rate regime, the domestic central bank is powerless to control the money supply, and monetary policy is thus powerless as a tool to stabilize domestic output. Do you ..
q. an economy has the following consumption functionc200 0.8 dithe government budget is balanced with government
Consider decision making process used by consumers as they budget their money to maximize use of their resources.
Suppose that the money demand function is (M/P)d = 800 - 50r, where r is interest rate in percent. The money supply M is 2,000 and the price level P is fixed at 5. a. Graph the supply and demand for real money balances. b. What is equilibrium interes..
Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Find an equation that gives every bundle of cigarettes and coffee that I..
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Suppose you borrowed $10,000 at an interest rate of 12%, compounded quarterly over 36 months. At the end of the first year (after 4 payments), you want to negotiate with the bank to pay off the remainder of the loan in 4 equal semi-annual payments. W..
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