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Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment-in particular, how much it costs to go see a movie instead of playing golf.
The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenario D1, Lorena's income is $60,000 per year and movies cost $11 each. In scenario D2, Lorena's income is also $60,000 per year, but the price of seeing a movie rises to $13. And in scenario D3, Lorena's income goes up to $80,000 per year, while movies cost $13.Scenario: D1 D2 D3Income: $60,000 $60,000 $80,000Movie Price: $11 $13 $13Golf: Quantity Demanded Quantity Demanded Quantity DemandedPrice = $50 15 10 15Price = $35 25 15 30Price = $20 40 20 50
1. Cross elasticity of Lorena's demand at the price of $50=?2. Cross elasticity of Lorena's demand at the price of $35 =?3. Cross elasticity of Lorena's demand at the price of $20 =?
An economy has full-employment output of Y%u0305 = 1850. Desired consumption and desired investment are: \(C^{d}= 500 + .5(Y-T)-100r\) \(I^{d}= 400 - 100r\) Government purchases and taxes are G = T = 200. Money demand is: \(M^{d}=P(.5Y-200i)\) The n..
Design a simple econometric research project
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Run OLS to estimate the inverse demand function(P = f(Q)), determine how much confidence do you have in this estimated equation? Apply algebra to then find the direct demand function
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It is well documented that carbon monoxide (CO) emissions from combustible engines increase in colder climates. This implies that damages are expected to be less severe in summer months than in winter. Nonetheless, air quality control authorities..
Determine the two equal deposits, the first deposit required now and the second deposit at the end of year 6, so that you can withdraw $2,000 at the end of each year for the next 12 years. Assume that money earns 4% interest, compounded monthly.
TP TFC TVC 0 $45 $01 45 170 2 45 320 3 45 450 4 45 620 5 45 800 6 45 ..
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Many people advocate taxing "the rich" to alleviate the debt problem but the truth is that taxes will have to be increased on all income earners. What macroeconomic impacts would you expect to see if taxes are raised "across the board"?
Just The Fax, Inc. (JTF) has hired you as a consultant to analyze the demand for its line of telecommunications devices in 35 different market areas. The available data set includes observations on the number of thousands of units sold by JTF per ..
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