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An inferior good is one where the demand for the good falls when income rises.
Identify a good that you believe meets the criteria for an inferior good. Is this good an inferior good for all income levels or is there a range of income where it is a normal good?
Consider an initial stock of 5000 tons of high grade ore. The demand function for this ore is P = 2400 – 0.2Q (Q is measured in tons/year), and the cost of extraction is constant at c = $200/ton. The discount rate is r = 0.10. What is the maximum sto..
Illustrate what is the likelihood all four of the selected flights arrive within 15 minutes of the scheduled time.
How would an economist respond to the opinions expressed in this documentary? What aspects of the current food system would an economist view as a positive development?
This deviation from the classical dichotomy and the Fisher effect is called the Mundell-Tobin effect. Explain how might you decide whether the Mundell-Tobin effect is important in practice.
Custom Made Clothing, a small clothing manufacturer, can use either a capital-intensive or labor-intensive technology to produce a product. If the price of capital increases and the price of labor remains constant, this firm most likely would...
McDonald's and its major competitors compete based: In terms of location decisions, firms evaluate the extent to which the labor force is unionized.
A construction company in Kurdistan expects to spend $4,000 two years later, $8,000 three years from now, and $6,250 six years from now. What is the present worth of the planned expenditures if the interest rate remains 11.8% per year? Use standard n..
An economy has a Cobb-Douglas production function: The economy has a capital share of a half, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of labor-augmenting technological change..
Suppose that the insurance company would set the premium by imposing a zero profit restriction. That is, the premium would be set to be (1+L)EB, where L is the loading factor and EB is the expected benefit. Let us assume that L = 20%. Calculate the p..
Some empirical studies have shown that new drugs improve health status. Does that finding invalidate the flat-of-the-curve medicine? Why or why not? Please make answer approximately 400 words
(Karloff) Consider the following market for used cars. There are many sellers of used cars. Each seller has exactly one used car to sell and is characterized by the quality of the used car he wishes to sell. Let θ ∈ [0, 1] index the quality of a used..
If the US economy is operating near full employment and the exchange rate increases (the dollar appreciates), explain why the Federal Reserve will be less inclined to raise interest rates
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