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Managers are very interested in how a consumer makes a choice among alternatives. In this exercise, we ask you to consider the amount of money you spend purchasing gasoline to operate your automobile for a month and any alternatives available to you assuming your net income available to make those purchases. Also assume gasoline prices for your auto rose 100% during one difficult summer as our time period for the purpose of discussion. Explain, then, the following effects in terms of the income effect, or the substitution effect, or both effects:
• You drove less and purchased less gasoline.
• You ate out less often.
• You spent less to maintain your automobile.
• You took public transportation more often.
• You bought a bicycle.
• You did not take a vacation away from home.
• You bought fewer clothes and made due with more around the home. Construct a four-to-five page APA format paper based on the above issues. Use two external sources and demonstrate your understanding of the concepts by providing a graph of each effect as a figure in your paper.
Suppose that Microsoft is the only producer of operating systems and Netscape is the only producer of Web browsers. Suppose also that nobody wants an operating system without a Web browser and nobody wants a Web browser without an operating system.
The discussion centers on how person or consumers would react during a period when a country's GDP growth rates.
What is the profit maximizing output level for the typical firm? (Hint: Calculate MC for each change in output, then find the equilibrium price, and calculate MR for each change in output)
The company tresurer must determine the best depreciation method for office furniture that costs $50,000 and has a zero salvage value at the end of a 10-year depreciable life. Compute the amount depreciated at the end of year 5 using the MACRS me..
A profitable company making earthmoving equipment is considering an investment of $100,000 on equipment that will have a 5-year useful life and a $20,000 salvage value. If money is worth 10%, what is the difference in Net Present Worth of the de..
A medium sized bakery has just opened in Slovakia. A loaf of bread is currently selling for fourteen koruna over and above the cost of intermediate goods
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
Using a long-run Phillips curve, what is the effect on the unemployment rate if the inflation rate rises and people expect the rise.
As per increases in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why. Illustrate answer with supply and demand curves.
What is the effect on investment? What is the multiplier effect?
Assume that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels.
Measured as the long-term growth of potential GDP, how has economic growth in the United States changed over the decades since 1962? There was a slowdown in growth-when was it and what is it called?What is the difference between real GDP and nominal ..
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