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Suppose for three years income has been increasing and the income elasticity of demand for ACME tools is 0.3.
a. What will the change in the number of ACME tools being purchased be, if the rise in income over the past 3 years has been 10%. (Show graphically as well as providing a number.)
b. Are ACME tools an inferior or a normal good?
c. If forecasters are predicting that income will continue to rise in the next year, can ACME expect their sales to rise as well?
Conduct a goodness-of-fit test analysis to determine if the proportions of individuals willing to pay more for environmenlal.ly friendly products in the various age groups are equal.
Show mathematically that for any upward sloping SRMC, SRATC is strictly convex, crosses the SRMC curve at the lowest point on the SRATC curve, and the SRMC curve is rising at that point.
Stores need not accept your check but must accept currency because
How to Restore Participating and Self-Support to Free Enterprise (Harvard University Press, 197), economist Edmund Phelps offers this plan to help the working poor: apply tax credits for “qualified employers” or hire disadvantaged people for “eligibl..
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the city government is considering two tax proposals- a lump-sum tax of 300 on each producer of hamburgers.- a tax 1
Suppose that the economy improves and the crime rate in West Philadelphia drops, so that the marginal product and average product of a group of 100 police officers is now 55 arrests per hour for any number of police officers. What is the optimal allo..
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Using supply and demand and competitive analyses, explain what happens to a pharmaceutical company’s revenues and profits from an individual drug once it loses its patent protection. Then identify at least one strategy the company can use to mitigate..
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. What is the steady state unemployment rate for this economy? In the table from the previous scenario, how many periods does it take f..
The law in Ruba says no worker shall be paid less than nine slugs per hour.
Here are only some stars to fully staff every team, but there are enough for a few to be on each team if an owner decided to hire them.
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