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Susan received news from her boss that she has been given a raise in incomes from $20/ hour to $25/ hour for her 40 hour week job, effective immediately. Over the next week her purchase of wine increased from 4 bottles to 6 bottles. Compute her income elasticity of demand for weekly wine consumption and determine if wine is a normal or inferior good for Susan.
Consider the traditional farm problem: Food can be viewed as a necessity, and overall has a price-inelastic demand. Suppose that 10% of each farmer's crop were destroyed. What is the effect on farmer income? If the price elasticity of demand is -0.5,..
Why does government mandate individuals to purchase their own insurance in some cases such as automobile liability insurance but directly provide insurance to people in or situations such as health insurance.
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently t..
What do you think of Zara’s past international strategy? Evaluate, in particular, its past strategy for (product) market selection, its mode of entry, and its standardization of its marketing approach.
You have a gross income of $355636 in 2014. Your filing status is single. You do not itemize deductions and you are allowed 1 exemption. What is your federal tax bill, assuming phase out of personal exemptions based on income?
The relevant cost index was 120 4 years ago. The cost then for a gas station tank of 1,500 gallons was $40,000. We want to now purchase one size 4,500 gallons but the purchased price cost index is now 300. Assuming a power law size model with exponen..
There’s a gas shortage in Gasland. You’re presented with two proposals that will achieve the same level of reduction in the use of gas. Proposal A would force everybody to reduce their gas consumption by 7 percent (regulatory policy). How will the pr..
Suppose that a second worker became available. Elucidtae the resulting change in production possibilities. Now what would be the opportunity cost of sanding two floors.
Explicate why one of them brings positive effects to the economy also the other negative effects.
Suppose that a 5 percent decrease in the price of good X causes a 2 percent decrease in the quantity demanded of good Y. The cross-price elasticity of demand is therefore:
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