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Last week, Michelle spent $30 on caviar. Today, Michelle still spends $30 on caviar even though its price has doubled. What is Michelle's price elasticity of demand for caviar? (Use the midpoint formula for your calculation.)
Given your research and findings, are monopolies and oligopolies (firms demonstrating power) always bad for society? Be sure to provide real world examples of where this may be the case to strengthen your position.
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
Suppose that work hours in New Zombie are 200 in year 1 and productivity is $16 per hour worked. What is New Zombie’s real GDP? $. If work hours increase to 210 in year 2 and productivity rises to $18 per hour, what is New Zombie’s rate of economic g..
You want to buy a new car and have $5,000 available for a down payment. You can afford a monthly car payment of $400. The maximum length of loan you want to take is 5 years. Your credit rating is not so good and the best car loan you can get is for a..
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, it believes that such profits are crucial to incentivizing innovati..
In fact, an insurance agent explains that he is always true. Nevertheless, the engineer buys fire insurance. Explain why this is or is not a logical decision.
Trevor consumes two goods: fruit (good x) and vegetables (good y). His demand for fruit is given by x(px,m)=.04m-4.24px. His income is $322, the price of fruit is $2, the price of vegetables is $1. If the price of vegetables rises to $3, calculate to..
What is being assumed about the timing of wage setting and price setting that enables us to say that the economy is always on the PS curve but only on the WS curve in a medium-run equilibrium? What timing assumptions would deliver the result that the..
A large automobile manufacturing company is considering the installation of a high-tech handling system. The initial cost of the system is $3,000,000 and it is estimated it will save $750,000 per year in manual labor, and will incur $27,500 in operat..
Describe "how" producer surplus is measured? What happens to producer surplus when the price of a good rises - all other things equal.
What a man needs to help provide a college education for his young daughter. He can afford to invest $800/yr for the next four years, beginning on the girl's fourth birthday.
Which of the following would definitely cause price to decrease (if they occurred simultaneously)?
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