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1) Pierre, a Frenchman with a weakness for champagne, recently received a raise. His income rose from $25,000 to $40,000 a year. As a result, Pierre's consumption of Andre Champagne decreased from 15 bottles a week to 5 bottles a week. Calculate Pierre's income elasticity of demand for Andre Champagne. What might be the reason for the decrease in demand?
2) Your friend the grocer lowered the price of chicken from $2.50/pound. to $1.75/pound. He was dismayed to see that the quantity demanded of hamburger decreased from 80 pounds to 64 pounds per week. Since you are the neighborhood economist, he comes to you for an explanation. Respond by calculating cross elasticity of demand. Then explain what happened to the grocer’s sales.
Agoira moves from a command system to a market system. Number of markets with shortages _____ (Increases, Decreases, No Change)
The installed cost of a conventional electric hot water heater is $200. A family of four uses an average of 300 liters of hot water a day, which will require $350 worth of electricity each year.
Is the concept of a just price a positive or a normative concept? Why?
Based on the production function parameter estimates reported in Table 7.4: a. Which industry (or industries) appears to exhibiting constant returns to scale? (Ignore the issue statistical significance.) b. Which industry comes closest to exhibiti..
Which of the following is not an assumption of the theory of consumer behavior described in this chapter? In deciding what to buy, the consumer will choose the good with the:
Your study partner is confused by upward-sloping short-run aggregate supply curve and vertical long-run aggregate supply curve. How would you explain why these slopes differ.
Compare the supply and demand conditions in both locations. How many people live in each place.
Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur
Illustrate what other additional information do you need, and how would you proceed if you had that information.
Elucidate why the return to deficit spending since the turn of the century.
Joey, David, Tracy, and Surly own one track bicycle apiece, and they\'ve each modified to sell them as fixed-gear bikes or \"fixies.\" Joey is willing to sell his bike at $100 or more. Maintain the orientation of each bar when creating the graph (i.e..
Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same:
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