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Suppose that both wheat and corn have an income elasticity of 0.2. a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity demanded of wheat increase each year, holding all other factors constant? Instructions: Round your answer to 1 decimal place. Holding all other factors constant, if 10 billion bushels are demanded this year, by how many bushels will the quantity demanded increase next year if incomes rise by 2 percent? million bushels. b. Given that average personal income doubles in the United States about every 30 years, by about what percentage does the quantity demanded of corn increase every 30 years, holding all other factors constant? percent.
The demand for a new drug is given by equation Q = 150 - 3P (where Q is bottles of medicine and P is the price per bottle in dollars). The slope of the demand curve is -1/3. What is the equation for total revenue? What is the equation for marginal re..
Holding demand constant, an increase in supply leads to
the participation rate 60 percent, 200 million people 16 years or older are not in the labor force. How many people are in the working-age population in this economy?
Software developers at Acme systems, Inc., have developed an iPhone App that analyzes an individual’s golf swing. Should the developers attempt to de-bug the program completely or not? Use the basic principles of economics and a simple graph to suppo..
Suppose you are hired to manage a small manufacturing facility that produces Widgets. You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From..
q.explain why you believe in compensation plans differ at the two firms? in particular why do you think kaufmanns pays
The inverse demand function for mangos is defined by the equation p = 91 − 5q, where q is the number of crates that are sold. The inverse supply function is defined by p = 3 + 6q. In the past there was no tax on mangos but now a tax of $44 per crate ..
"The lowering of barriers to trade and investment between countries within a trade group will probably be followed by increased price competition." Do you agree? Why? Why not?
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
The price index in the first year is 125, in the second year is 150, and in the third year is 200. What is the inflation rate between the first and second year and between the second and third year?
Monopolies are generally considered to have disadvantages. However, in certain circumstances, monopolies can have various advantages for consumers and social welfare. Do you agree or disagree with this statement. Defend your answer and use real world..
Define income elasticity of demand with two examples for two types of goods? Explain how as a manager you can use the concept to your advantage.
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