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Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would this affect the quantity of the good that you consume?
Is the Demand for this good Price elastic or Price inelastic? Justify your classification by talking about the determinants of elasticity as they apply to this product. Say price is on the rise for this product and you are the manager of a store, would you be thrilled to be selling this product? Under what circumstances would you want to own a business that sells this product? In other words, how does an increase in price for this good affect your Total Revenue? Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product
Suppose as well, that all voters favoring liberal candidates will vote, while only 50% of those favoring conservative candidates will vote. Create a graph to show how the political equilibrium will differ from an election in which all citizens vot..
How do solve for competitive equilibrium and pareto optimality when there is an externality affecting consumption?
Whre the rest of the world propelled by the requires of developing countries, continued to increase by the historic rate. What would be the US share of total consumption in 2050 in percent.
If the demand schedule may be written P = 100 - 4Q, and the supply schedule P = 40 + 2Q, then what is the market clearing price and quantity?
an excise tax may be imposed on a commodity in order to raise revenue for the government or in order to reduce the
Explain what is the Ricardian model for international trade. In your explanation
question 1consider there are two firms with one demand function. this same common demand function is q 1000 - 40p with
Suppose that a household in a two-period model has income of $30,000 in period 1 and $25,000 in period 2, and the interest rate is 75%. Assume that the price of the goods $1 in both periods. Suppose that the household decides to consume $26,000 in pe..
Demand for refrigerators is often explained as cyclical and very sensitive to refrigerator prices & interest rates. Given these characteristics, explain the effect of each of the following in terms of;
We often find that for theSuper Bowl the quantity of tickets demanded is greater than thequantity of tickets supplied. This results in a shortage oftickets. How does the market resolve this problem?
In our look at democracy and sovereignty, one of the things that we observed is that we are seeing a rise of subnational groups in countries around the world. How does one reconcile this apparent trend with the accusation that globalization is le..
Following are observations on the market price and the quantity of good X produced and consumed in three different years: $10 and 100 units, $4 and 57 units, and $8 and 88 units. Can we conclude that the market demand for X slopes upward?
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