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Q1. Cross-Price Elasticity. B.B. Lean is a catalog retailer of a wide variety of sporting goods and recreational products. Although the market response to the company's spring catalog was generally good, sales of B.B. Lean's $140 deluxe garment bag declined from 10,000 to 4,800 units. During this period, a competitor offered a whopping $52 off their regular $137 price on deluxe garment bags. Calculate the cross price elasticity.
Q2. 1. Consider yourself. Is your individual labor supply curve upward sloping, downward sloping, or backward-bending? 2. Compare and contrast the substitution effect and the income effect in the work hours decisions of individuals.3. What happens to the work hours of an individual if her wages increase and the income effect dominates?4. Consider a product market for a normal good. Suppose consumers' income increases. Explain what will happen to labor demand for firms in that market.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
Distinguish between the resources market and the product market in the circular flow model.
If income rises from 1000 to 1800 and consumption rises from 1100 to 1700 the marginal propensity to save.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
The equilibrium quantity increase or decrease depends on Demand
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Hiro Nakamura is CEO of the Cola King Bottling Company, a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Calculate Marginal Revenue from demand if the marginal propensity to save is 0.05, how large is the multiplier.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
Air transport for businesspeople and tourists
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