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The demand for Good X is given by Qx = 4000-Px-2Py+4Pz +0.2M where Py is the price of good Y, Pz is the price of good Z, and M is income, if Py =$800, Pz = $200 and M= $5000 determines the following:
1. The inverse demand function for good X.
2. Whether good Y is a substitute or complement for good X. explain why.
3. Whether good Z is a substitute or complement for good X. explain why
4. Whether good X is a normal or inferior good. Explain why
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Select one significant environmental issue. What are the costs and benefits of our current environmental issues from an economic standpoint? What type of market failure could those problems is defined as? What can you as an individual do to help in a..
In February 2015, Wal-Mart announced that it would increase the pay rate for all its lowest paid workers. Is this wage increase a growth in fixed costs or variable costs? Would it be affected by output? If Wal-Mart's sales drop off, how might the sto..
Show mathematically that for any upward sloping SRMC, SRATC is strictly convex, crosses the SRMC curve at the lowest point on the SRATC curve, and the SRMC curve is rising at that point.
Apply the IS/LM fr. amework to explain the following question. In the early 1980's to combat the recessionary forces, President Ron Reagan used expansionary fiscal policy by lowering (marginal) tax rates to combat the recession. Concurrently, Paul Vo..
Explain how many spots of each kind should it purchase to meet se three goals and do so at minimum cost.
Is there a universal code for ethical business behavior? (Check the December 2005 issue of Harvard Business Review for Up to Code: Does Your Company Meet World-Class Standards? by Lynn Paine, Rohit Deshpande, Joshua D. Margolis, and Kim Eric Bettcher..
q1. assume the two rival office supply companies office depot and staples both adopt cost matching policies. if
Should the Federal Reserve System control the nation's money supply? Defend your position using economic principles.
Predict what will happen to the economy in the short run if interest rates fall. Predict what will happen to the economy in the short run if firms perceive that the business climate is getting worse.
Suppose that the chain-weighted index for GDP in Gambia was 275 in 2009 and 350 in 2010. The inflation rate between those two years was
A firm has a short run cost function of c=y^3-10y^2+35y. What is the minimum price at which the firm will supply output?
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