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Number of workouts (per week) Willingness to Pay for Workouts
1 $352 303 254 205 156 107 5
Look at the table above. Several times each week Eli works out at a local health club, but because he is not member, he pays a price of $10 each time he shows up to use the club facilities. The table shows Eli's willingness to pay for each of the club. How many times will Eli use the health club for a workout, and how much consumer surplus does he receive? Explain.
As what will happen if the marketplace is characterized by sticky wages.
Suppose that consumption schedule for a private open economy is such that consumption C=50+0.8Y. Suppose further that planned investment Ig and net exports Xn are independent of the level of real GDP
A bus driver records the time (in minutes) it takes to commute to school for 6 days. These results are: 25, 22, 17, 20, 15, 10. Assuming the population is normally distributed, develop a 90% confidence interval for the population mean. What is the ..
If actual inflation exceeds anticipated inflation, who will lose purchasing power, and who will gain? How does unanticipated inflation harm the country? As part of your answer, include how you and your employer would both be affected.
if you are the chief economist of a country experiencing high unemployment and flat gdp what macroeconomic policies
Describe the maximum insurance premium that the individual is prepared to pay.
A central city imposes a rent control law that places a binding ceiling on the rent that can be charged for an apartment. The suburbs of this city do not have aren't control law. What happens to the rental prices in the suburbs and to the equilibr..
Some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the production of both, rather than oil a in our examples. Will fields with both oil and gas have greater difficulties in unitization than ..
Assume that the home country experiences technological growth in the X sector such that α increases to 12. Describe the impact on the free trade price, the pattern of trade and gains from trade.
At the end of 2002, the (1-year) interest rate was 1% in the U.S., and 26% in Argentina. Recall that at the same time, the spot rate for the Argentine currency was Peso 4.00/$.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
What do we refer to a concept or a graph showing how a change in the amount of a single variable input changes total output?
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