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a) Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
b) How will the equilibrium price and quantity change for each good?
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Kenya is a state that is a part of the African Nation. Talk about the exchange rates and their money supply. Also write about whether or not Kenya has a promising future.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
Find the equation of the new demand curve for Chevrolets. Plot the new demand curve, D1 c' and, on the same graph, plot the curve for Chevrolets, D c'. found in 2 (d).
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Evaluate arc price elasticity of demand between prices of $4 and $6 and compute the point price elasticity at the price of $6 state the significance of the coefficients.
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
Dsecribe a complete business cycle (trough, peak, expansion, recession), focusing on what happens to output, investment, employment in each phase.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
Determine how the following situations will affect the demand curve for ipods.
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