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First Problem The demand for kitty litter, in pounds, is: ln (D(p)) = 1, 000 − p + ln(m) where p is the price of kitty litter and m is income. 1. What is the price elasticity of demand for kitty litter when p = 2 and m = 500? When p = 3 and m = 500? When p = 4 and m = 1, 500? 2. What is the income elasticity of demand for kitty litter when p = 2 and m = 500? When p = 2 and m = 1, 000? When p = 3 and m = 1, 500? 3. What is the price elasticity of demand when price is p and income is m? The income elasticity of demand?
Country X has an $8000 billion GDP and a population of 200 million. Country Y has a $6000 billion GDP and a population of 150 million. Which of the following is true? If the GDP deflator is now 125, we may conclude that since the base year prices hav..
George Kennan’s Long Telegram/Mr. X article. What is the post-war Soviet outlook? What are the sources of this outlook? What are the practical policies that emerge out of this outlook? What should the US do in light of Soviet policy/outlook?
Please discuss the differences between a traditional staff model HMO managed care plan and a PPO managed care plan. Also explain the differences between a POS managed care plan and an IPA managed care plan.
The marginal revenue product of labor for an electronics firm is MRPL = 50 - L, where L = the number of workers. If the wage of electronics workers is $20 per worker, then how many workers will the firm hire?
America is stratified into levels describing individuals’ socioeconomic status: upper class, middle class, working class, and the poor. Describe characteristics of each class and, when appropriate, the sub-classes.
Consider a two-period economy with a single commodity (say leisure): X_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
“Equal pay for work of equal value” is a commonly held goal, but “equal value” is hard to define. What would be the consequences of legislation that enforces equal pay for what turns out to be work of unequal value?
Explain how it can be analytically sensible to have a temporary increase/decrease in technology. Explain under which conditions/assumptions this would be very difficult to assert.
When confronted with a natural monopoly that restricts output and charges monopoly prices, the two methods that government have for promoting better outcome are:
After a pair of wars in the late seventeenth and early eighteenth centuries, French-British relations decayed to the point that England began putting high tariffs on French wines. A large part of the support for this law came from British brewers and..
Other things held constant, consumer surplus decreases as:
Explain how much should firm produce in order to maximize profit. Illustrate what is maximum profit that firm can generate at output level (your answer in a).
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