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If shoes and socks are complements and both are normal goods, show graphically what would happen to the consumption of shoes and socks if
a. the price of shoes decreased.
b. consumer incomes increased.
Met's preferences over consumption is defined by the following utility function: u(c1,c2) = min[c1,2c2] . Note, c1 is Met's consumption today and c2 is Met's consumption next period. Derive Met's demand for consumption today and consumption next peri..
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase German products, does our demand for euro go up or down? What ..
Discuss why the monopolist chooses a level of output that creates deadweight loss, and whether the level of output is equilibrium. Include an illustration of your numerical example, and refer to it throughout your discussion.
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
Assuming that the income effect is negligible, how much will he be hurt if the cost of strawberries goes from $1 a pint to $2 a pint.
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year. The motor’s efficiency is 92%. what is the present worth..
Based on demand function from previous question, when price of good is $50, how many units of good are demanded.
If the demand for used cars decreases after the price of a new car fallls, used cars and new cars are
Suppose a monopolist faces the following demand curve: P=596-4Q. Marginal cost of production is constant and equal to $60, and there are no fixed costs. how much profit will the monopolist make if she maximizes her profit?
q. firms like papa johns pizza hut as well as dominos sell pizza and other products that are differentiated in nature.
Economists look at the differences between the short run and the long run in macroeconomics. Explain how might knowing this affect you as the manager of a large firm.
q1. what are the most important things to consider when making a pricing decision for a good whose demand as well as is
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