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Consider the following regression analysis between sales (Y in $100) and social media advertising (X in dollars): Yˆ = 5400 + 9X. The regression equation implies that an:
Quincy lives on ding dongs and seafood salads. The price of ding dongs is 1 dollar per bag and the price of seafood salads is 4 dollars each. Quincy allows himself to spend no more than 23 dollars a day on food. He also restricts his consumption to 3..
explain what occurs when a new technology makes another one obsolete in terms of economic profit. consider firm a to be
Appropriate policy analysis requires one to analyze when markets fail and when government fails to generate socially desirable outcomes. Briefly describe what is meant by market failure and by government failure. Why do we frequently use the nirvana ..
A fiscal impact statement:
Suppose the consumption function is C = $400 billion + 0.8Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially (before multiplier effects) with. What will the cumulative AD shift be ..
An elderly physician has built up his own practice into a quite valuable business. Now that he is thinking of retiring, he wants to take on a partner to learn the business and eventually buy the practice in three years. Discuss the plusses and minuse..
For given input prices, more expensive bundles of inputs are associated with:
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
In 2016, economists forecast the U.S. MPS will be 0.15 and the MPM will be 0.10. Estimate the maximum overall total effect on national income of the following two changes in fiscal policy: A decrease in govt spending of $100 billion and a decrease in..
Suppose that Omar’s marginal utility for cups of coffee is constant at 5.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 11 for the first doughnut he eats, 10 for the second he eats, 9 for th..
Given the following Utility function: U=(2X1X2+3X1^2)^3 x2 1. Find the marginal utility for x1 and x2. Do not simplify the function. work it in form given 2. Show mathematically whether the marginal utility for x1 and x2 is increasing or decreasing 3..
Compute the price elasticity of demand for good X between the two prices on the demand curve. Describe the price elasticity of demand for good X.
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