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By observing an individual"s behavior in the situations outlined below, determine the relevant income elasticities of demand for each good (i.e., whether it is normal or inferior). If you cannot determine the income elasticity, what additional information do you need?
a. Bill spends all his income on books and coffee. He finds $20 while rummaging through a used paperback bin at the bookstore. He immediately buys a new hardcover book of poetry.
b. Bill loses $10 he was going to use to buy a double espresso. He decides to sell his new book at a discount to a friend and use the money to buy coffee.
c. Being bohemian becomes the latest teen fad. As a result, coffee and book prices rise by 25 percent. Bill lowers his consumption of both goods by the same percentage.
d. Bill drops out of art school and gets an M.B.A. instead. He stops reading books and drinking coffee. Now he reads the Wall Street Journal and drinks bottled mineral water.
Find and expression for the marginal rate of substitution (MRS x,y ) at any point (x, y). Suppose x = 3 and y = 2, what is the MRS x,y ?
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful
Based on the data provided, what is the opportunity cost of producing pastries and sandwiches in Northland? What is the opportunity cost of producing pastries and sandwiches in West Coast?
Create graphs and tables to illustrate costs and revenues for firms in different market structures
Py =4 and Uo is the maximal level utility when Px =5, Py =4 and I =100. find the the compensated demand curve (or of Hicks) and draw it on the same graph. for what value of Px the two curves will cut? what is the elasticity of compensated demand w..
Recently, Pfizer and Warner-Lambert agreed to a ninety billion dollar merger, thus creating one of the world's biggest pharmaceutical firms. Pharmaceutical firms tend to expend a greater percentage (%) of sales on R&D activities than other industries..
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
Many analysts in both developed and developing worlds have heavily criticized the cases of monopolies. Discuss using relevant examples whether it is a good policy for the government to completely eliminate monopoly power.
Employee benefits have become more and more an important part of employee compensation. According to the text, what percentage of employee compensation is employee benefits?
How long will it take for your money to double? Show your calculations. You are not allowed to use any approximation formulas, such as the "rule of 70". Round your answer to 5 decimal places.
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Calculated the point price elasticity of demand for Papa burgers and calculate the optimal price for Papa burgers if marginal cost is $1 per unit.
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