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Jen likes only chocolate and economics textbooks. Her demand functions for chocolate and textbooks are given byQc =m / (pc + pt)Qt =m /(pc + pt)where m denotes her income and pc and pt the price of chocolate and textbooks respectively.a. Are chocolate and textbooks complements or substitutes for Jen?b. Calculate the income elasticity for chocolate. Is chocolate a normal good?2c. Assume we observe the following: Qt = 5; pc = 2; pt = 2.If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant? What happens to chocolate consumption?
Microeconomics is considered to be the study of scarce resources. Elucidate the three trade-offs within a specific good/service within your local area.
In benchmarking sales representatives against one another, what problems arise from continuing to reassign the above-average trade representatives to previously unproductive sales territories?
Jim Duggan made an investment of $10,000 in a saving account 10 years ago. This account paid interest of 5½% for the first 4 years and 6½% interest for the remaining 6 years. The interest charges were compounded quarterly.
The company currently has 95,000 subscribers and proposes to raise its monthly fees to $39.95 to cover add-on features such as text messaging, song downloads, game playing, and video watching. What is the new breakeven point if the variable cost incr..
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand? Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit ..
Explain who are the winners, who are the loosers, we can better evaluate the net impact, if any, on the overall economy.
saras income is 12 a week. the price of popcorn is 3 a bag and the price of a cola is 3 a can.a. what is saras real
Compute the total fixed costs, total variable costs, average fixed costs.
What about labour markets Is there any difference between labour and commodities that would make the theory a better representation in one case than the other. Do you feel that theory works for commodities markets in general.
Prepare a term paper on Fiscal Policy - The Term Paper must be between 600-700 words in length and contain a Title Page as the first page of the paper and a Reference Page as the last page of the paper.
Lockheed Martin management is considering your proposal to purchase a new water jet machine for cutting 14 gauge aluminum sheets into C-130 fuselage parts. This is a much cleaner method than the current method of using an oxyacetylene cutting torc..
Assume the supply for good x is estimated. Is good x storable. Explain it numerically the data you are using to suppor answer.
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