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Income Effect on Consumption
Question: Jane spends all her income on hot dogs and caviar. Her demand curve for caviar is inelastic at all prices for caviar. Unfortunately, the accident at Chernobyl has caused the supply of caviar to fall and the price to rise. What has happened to Jane's consumption of hot dogs? Explain. You should assume that the accident at Chernobyl had no effect on the price of hot dogs or Jane's preference of caviar.
Elucidate implicit assumptions would an researcher make regarding price elasticity of a magazine.
what are the implications for economic growth and development for these nations.
Illustrate what were some of the major contributing factors and how did they combine to cause the recession. How were you affected by it.
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share
Use the following Information on a hypothetical short-run production function to answer questions a-c. Calculate the marginal and average variable product of each unit of labour input.
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
A perfect competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q^2-What is the lowest price at which the firm can break even?
Illustrate what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources.
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Calculate the arc price elasticity of demand over this price and consumption quantity range.
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