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The demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticity's:<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
a. Panel A shows how the demand for X shifts when income increases from $30,000 to $34,000. Use the information in Panel A to calculate the income elasticity of demand for X. Is good X normal or inferior?
b. Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?
A competitive firm that is profit maximizing pays a wage. The firm has started marketing its new product.
Elucidate why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is rising.
Discuss balance of fixed and variable costs for organization. Explain how has Internet changed this balance for organizations.
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
sandy sue sanders can take a job paying $10,000 a year when she graduates from high school, or she can go to college and pay $9,000 a year for tuition. Measured in dollars, Illustrate what is her opportunity cost of going to college next year.
Firms are competing by choosing prices. Suppose that every firm's marginal cost is zero.
Call P the unit price of each stamp and find out how many stamps and how many photocopies the firms purchase depending on the value of P.
Illustrate what are the indicators of underdevelopment in a world economy.
Should the government limit the amounts that juries are allowed to award victims of medical malpractice, so as to reduce malpractice insurance premiums and thereby lower health care costs.
While virtually anyone with a degree in college chemistry could replicate the industry's formula, due to the relatively high cost, Semi-Salt has decided not to apply for a patent.
Select also research an industry where there has been a pattern of change in a particular market model
Why do celebrity icons receive such widespread attention and adulation
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