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A coffee retailer (Joe’s) developed the following daily demand curve for coffee for Elizabethtown, KY. Q = 500 - 300(P) + 200(Pc) + 0.01(A) Where P is the price of Joe’s coffee, Pc is the price of Starbuck’s, and is income in Elizabethtown. Currently Joe’s and Starbuck’s Coffee are priced at $2.00 per cup, and Elizabethtown income is $60,000. 1) What is Joe’s current daily sales? 2) What happens to Joe’s sales if he increases price to $3.00? 3) Assuming Joe’s price remains $2.00 but Starbucks price is now $1.00, how will this impact Joe’s daily sales? 4) With an improving economy Elizabethtown incomes improve to $70,000, all else equal (Both Joe and Starbuck charge $2.00 per cup). How will this impact Joe’s coffee sales.
A sprinkler system inside of one house does not protect houses on the other side of town. It also requires the homeowner to purchase and install it prior to benefiting from it. Once installed it can help stop fires from jumping to neighboring homes.
The National Park Service (NPS) grants a single firm the right to sell food and other goods in Yosemite National Park. In return, the NPS receives a fraction of the firm’s profits. Discuss the trade-offs of this policy. (ie. What are the pros and con..
According to the World Bank’s Mind, Society, and Behavior, which two economists are associated with the removal of psychological factors from economics generally and from “making predictions about market outcomes” in particular?
q1. the average variable cost per acre planted with wheat was 107 per acres. assuming a yield of 50 bushels per acre
Carefully explain how these two deficits are related economically so that changes in one are reflected in changes in the other.
consider an individual earning 1000 per month who also receives 100 per month in food stamps they can only be exchanged
Think of another good that you have purchased recently Be specific (e.g. is it breakfast cereal in general or Cheerio’s cereal specifically). If the price of this item increases, how would this affect the quantity of the good that you consume? Would ..
Illustrate what are the main determinants of the amount of excess reserves held by banks. Illustrate what is the primary determinant of deposits and the money supply in the long-run.
Explain how much smaller (in percentage terms) is each generation than the previous generation.
Experience goods are products or services
Specify the main economic (not political) drawback of economic integrations among nations? Explain (do so in no more than 40 words).
Research another example of a reimbursement-related contract dispute between the U.S. government and a contractor. Then create a short case study report, including the following topics: A summary of the reason for and nature of the contract.
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