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Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded between the old and new bundles. Now suppose that the consumer's income doubles. Graph this situation. Is one or more of the goods inferior? If so, which one it is and why is it considered inferior?
What would be the effect if the rate is lowered to 4%, or raised to 9%? Why would the federal reserve change these rates?
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
What is the most common way modern labor unions use to raise wages? This will result in the fewest jobs lost if labor demand is elastic or inelastic?
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
Taking business personally, Recognize some policy change that you propose to decrease the federal government budget deficits and debt.
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.
Which of the following best describes what happens when consumer income increases? Which of the following best describes what happens when the price of oranges increases?If the government gives each consumer a tax reduction equal to $600 (i.e. increa..
Huntington advice that the emerging global economy will rising be faced with violent clashes between civilizations. Describe what Huntington means by the term civilization and explain why such clashes may be expected.
What is the monopolist's profit maximizing level of output? What price will the profit maximizing monopolist charge?
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
Suppose that in an economy a $40m increase in consumption leads a $200m increase in national income. Calculate the value of this economy's marginal propensity of save.
Mark discovers that he needs to do an additional $200 of work to make the cabinet worth $360 topotential buyers. He could also sell the cabinet now, without completing theadditional work, for $100. What should he do?
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