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Econ 111: Principles of Economics - Accelerated Treatment - Quiz 2
1) Fill in the blanks in the following statements:
a) The cross price-elasticity of demand for soda and newspapers is -0.4. Therefore soda and newspapers are ________ goods.
b) Goods with very close substitutes exhibit a more _________ demand.
c) Mary's income elasticity of demand for ham is +0.9. Ham is therefore a _________ good for Mary.
d) The price elasticity of demand for gasoline is -0.5. Tax revenue would __________ significantly if the government were to double the tax on gasoline.
e) The demand for ipods in the future is expected to be more ________ than the demand in the short run.
2) EXPLAIN if and why the following statement is true or false:
For a linear demand curve, the price elasticity of demand is the same thing with the slope of the demand curve.
If the present value of$110 to be received one year from now is$100, what will$100 be worth two years from now? A. $100B. $110
Draw an AD/AS graph and a money market graph side-by-side. For the money market, use an upward sloping money supply curve and assume that the equilibrium interest rate in the money market is 5%.
1.Explore why lump sum tax, even though efficient are rarely used.2.Using demand and supply analysis, discuss how a tax on labour income (hours of work available is fixed) creates excess burden between the paid and unpaid labour markets.
The following results are based on a random sample of 534 people from the Current Population Survey (CPS). The dependent variable in each regression is log(wage).A.How do we interpret the coefficients for education, male, and married in Model 2?
What are the equilibrium price and quantity? How much revenue do kumquat producers receive when the market is in equilibrium? Draw a graph showing the market equilibrium and the area representing the revenue received by kumquat producers.
Phil has two periods of work remaining prior to retirement. Assume that Phil maximizes the present value of his expected lifetime earnings and his discount rate is 10 percent. He is currently employed in a firm that pays him the value of his ma..
Explain how a +0.5% adjustment in domestic interest rates would affect international investment flows. Determine if such a change would have a bigger impact on larger or smaller countries.
Presume you are a bidder in a sealed-bid auction. There are too 5 other bidders in the auction. You believe that each of the other bidders has a value that is equally probable to be anything between 0 and 100. Each one of them has the same belief abo..
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
Presume as a manager of a profitable department store you are confronted with a pricing problem. You have two kinds of customers: a high-end type that are willing to pay a price of $20 for a pair of Levis Jeans, and a low-end type consumer that are w..
natural monopolies is a commonly used, potential solution to the problems presented by natural monopolies. a. Giving incentives to firms to become b. Regulating c. Breaking up firms that are d. Outlawing price discrimination by e. Refusing to grant p..
select one of the companies below and conduct some basic research.british petroleum bp facebook hyundai dunkin donuts
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