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The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X b. Is X an inferior or a normal good? c. How many units of good X will be purchased when Px = $5,230? d. Determine the demand function and inverse demand function for good X. Graph the demand curve for good X POST A GRAPH of all points
q.a machine has a first cost of 100000 in todays dollars and a salvage value of 40000 in current dollars at the end of
Why is a market economy susceptible to coordination failures that can lead to unemployment and inflation? What do you think can be done to rectify these failures?
Davy Metal Company produces brass fittings. Davy's engineers estimate the production function represented below as relevant for their long-run capital labor decisions.Is this an increasing, decreasing, or constant returns to scale production function..
Monopoly is nearly always seen as something undesirable. Courts have wrestled with monopoly for ages, sometimes defining it as: "the power to control prices and exclude competition", "restraining trade", or "unfair and anti-competitive behavior." Sho..
Illustrate what happens if the insurance plan reduces the deductible to zero. What happens if the coinsurance rate is increased.
Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the ..
How might the university administrator lure the college athlete to choose them over others? Would this type of price control be considered a price floor, a price ceiling, or neither?
Which of the following is not a macroeconomic variable?
An increase in government spending initially and primarily shifts which curve in what direction
If both nations reduce trade barriers and again begin to trade but now N1 exports goods into N2, but N2 has little to export into N1, what will be the nature of capital and labor flows between the two nations? Explain your reasoning.
U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the mea..
Iran subsidizes gasoline, leading to a cost to consumers that is one-fifth the market cost.
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