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John’s dining out with his wife during the week more often. Previously they dined out twice a week, but after getting his new job, they are now dining out 5 times per week. On the other hand, they noticed that they are now purchasing 10 frozen meals per week, whereas they were purchasing 20 frozen meals per week before John got his new job. a) What is John’s income elasticity for dining out? b) What does this income elasticity tell you? What is the interpretation of the number you calculate in part (a) c) What is John’s income elasticity for frozen meals? d) What does this income elasticity tell you? What is the interpretation of the number you calculate in part (c)
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. When you arrive at the tailor shop, ..
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 c. Determine the equilibrium values for real GDP (Y), the real interest rate (r), pr..
explain how and why a monopolist would try to price-discriminate: Providing air travel for business people and tourists; A fast-food restaurant that serves business people and retired people
how many pineapples will she consume? If her income increases to $120, how many grapefruits will she consume? Are grapefruits a normal or inferior good?
Suppose that there is a credit market imperfection due to asymmetric information. In the economy, a fraction b of consumers consists of lenders, who each receive an endowment of y units of the consumption good in the current period, and 0 units in th..
What is the amount of this bank's deposits that are in M2? What is the amount of this bank's reserves?
Explain the effect of price ceiling also price floor with reference to the concept of price elasticity of demand.
When the minimum wage is set above the equilibrium market wage,
Why does it make sense to use scarce water resources to grow crops that require the most water? Why don’t farmers conserve water and grow more drought tolerant crops until the drought is over?
When it comes to the goal of eliminating absolute poverty and income inequality, most economists would argue that
According to the rule for optimal input usage, a film should hire a person as long as her marginal income product is greater than her marginal cost to the company.
The government wants to make Medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing Medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month ..
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