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Suppose the market demand for wheat is as follows: Qd = 45 - 2P + 0.3Y + 1Pb where Y refers to income and Pb refers to the price of barley. a. (1) Assuming that wheat and barley both sell for $1 per unit and income is $20, calculate the price elasticity, cross-price elasticity, and income elasticity for wheat. b. (1) If income drops by 10%, calculate the percentage change in demand for wheat.
Assume that your preference relation \succeq can be represented by a utility function. Show that your preference relation must then be rational, i.e. complete, transitive, and reflexive.
Malthusians and Neo-Malthusians believe that, eventually, the population of the earth will be exceeding the number of people able to be sustained by the earth's food production. As such, they advocated different forms of population control. However, ..
The VIU has convinced the public utility commission (PUC) that it is a natural monopoly and thus it has been granted an exclusive franchise to produce electricity. What is the competitive equilibrium in the absence of rate of return regulation? What ..
Privatization in transition economies is often justified on the grounds of increasing. The text defines an economic system as. Which of the following legal forms of business organization provides for limited liability?
A medicine that almost always cures Hepatitis C has been developed. The price of the medication (for enough to result in a cure) is $95,000 (really). Explain how, at this price, the market fails to achieve allocative efficiency. Why is this price cha..
Suppose that Coca-Cola is currently paying a dividend of $1.75 per share, the dividend is expected to grow at a rate of 5% per year, and the rate of return investors require to buy Coca-Cola’s stock is 8%. Calculate the price per share for Coca-Cola’..
The manufacturer is especially concerned that customers who receive lousy service will blame the manufacturer if the machine breaks down, not the ISOs. How should the manufacturer address this problem?
Winston Churchill once thought that democracy is the nastiest form of government except for all others.
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
In own words how is an article about the decline in Yuan on the stock market and an article about the US either raising or not raising interest rates related to Finance?
The operating and maintenance expenses are expected to be same whether you purchase the truck or lease it. If the minimum acceptable rate of return is 12% per year compounded monthly, should you purchase this lift truck or lease it?
The demand curve and supply curve for one-year discount bonds with a face value of $1,000 are represented by the following equations: Bd : Price = -0.6 Quantity + 1140 Bs : Price = Quantity + 700. What is the expected equilibrium price and quantity o..
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