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Suppose that when household income in a city rises by 2%, and the price of good X remains unchanged, the quantity demanded of good X decreases by 15%. Then, in this city, the income elasticity of demand for good X is (7.50, -7.50, -0.13, 0.13) , and you know that good X is (an inferior good, a normal good).
What can government do to encourage the development of new technology? What are the two key characteristics of public goods? Name two public goods, and explain why they are public goods. How can the free rider problem be overcome?
Cost-push inflation can be called
Consider the market for natural gas. Suppose that a new drilling technique is invented that allows for the economical extraction of resources that were currently uneconomical to extract. What happens to the equilibrium price? What happens to the equi..
Dan and Carla met as employees at a candy company and later married. Carla went on to study accounting and Dan earned a business degree. After working for various businesses and raising $10,000 to open their own business one day, What are the pros an..
Suppose that a leading computer software firm holds the copyright to a statistical software package. It wished to hire an expert statistician to develop a new module that it will then market as an independent add-on to the basic package. What is the..
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average t..
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. Assume that the labor force today (period t = 0) is 100 million. What is the steady state unemployment rate for this economy? In the ..
Suppose David buys cheese (X) and fruit (Y) with his income of $48 per week. Suppose the price of cheese has recently risen from $4 to $6 per pounds, while the price of fruit has fallen from $8 to $6 per pound. Before the price changes, David had bee..
PL is the price of unskilled labor in dollars (the wage rate = $6), PC is the price of capital as a percentage, I is family ncome also PS is the price of California oranges.
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
Your grandfather has offered you a choice of one of the three following alternatives: $5,000 now; $1000 a year for eight years; or $12,000 at the end of eight years. Assuming you could earn 11 percent annually, which alternative should you choose? If..
Illustrate what is the relationship between marginal revenue also marginal cost as the firm increases output?
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