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In the victorian era after a dinner, the men would have gone on to the smoking room for alcohol and cigars, but what would the women do for the rest of the night? I would imagine they didn't stay the night, so did the women who didn't live in the house go home and leave their husbands there, or did the women have their own business to attend to?
Elucidate the consumers opportunity set in a diagram. Explain how does this change alter the market rate of substitution between goods x and y.
Calculate the cross elasticity of Lorena's demand for golf at all two prices. Are movies and golf substitutes, complements or independent goods?
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to calculate the percentage increase in real GDP per person from 1987 to 2005.
The 2 firms form a cartel & arrange to split total industry profits equally. Under this cartel arrangement, they will maximize joint profits.
Describe and discuss your price elasticities for such products and discuss the movement of your demand for such a good when the price of that good rises. Share with your classmates whether your demand for the selected good is elastic, unit elastic, o..
The city of Morse recently completed the construction of a bridge across the Ohio River at a total cost of $133,453.95. The length of the bridge is 276,389 feet. The city of Edison three miles up river wants to build there own bridge which have to be..
Give a real example in history when a market for a product or service was affected by a change in each of the following: Income of buyers Price of a related good, either a substitute or compliment Number of buyers Consumer preferences and information..
Assume that demand for a commodity is represented by the equation P = 10 – 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium conditio..
(Consumer Surplus) suppose the linear demand for shirts slopes downward and that consumers buy 500 shirts per year when the price of shirts is $30 and 1,000 shirts per year when the price is $25. compared to the prices of $30 and $25, what can you sa..
Examine the level of business activities in the U.S. economy over the past few months. Which trends do you find of interest? What stage of the Business Cycle is the U.S. economy, given the current levels of business activity?
Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
Think about the markets for two kids both of supply and demand a good Asbury inelastic both of supply demand for good B is very elastic
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