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Suppose that we can identify the following income classes: young high-income, low income, middle income and older high-income. In your opinion, what will be the relative slopes of the bid rent curves and why?
The interest rate effect of the price level is reflected in: Changes in aggregate demand can be caused by changes in: The classical model of the price level is associated with: A decrease in the money supply is likely to cause:
A public good, such as a community's emergency warning sirens
An economy-wide increase in productivity caused by improved technology would most likely:
Conflicting political economic perspectives exist between many nations. Using the United States , Japan, and the former Soviet Union as examples, describe how each nation views capitalism and name at least 2 policy tools used by each to advance their..
A firm plans to produce 1,000 units per day of good X. The firm’s production engineer finds two technically efficient processes (i.e., input combinations of labor and capital) to produce 1,000 units per day: If the firm must pay $200 per day for a un..
American Girl doll has an inverse demand curve of P = 150 – 0.25Q, where Q measures the quantity of dolls per day and P is the price per doll. The marginal cost is given by MC = 10 + 0.50Q. What is the total surplus at the profit-maximizing output le..
A piece of equipment that was purchased for $25,000 five years ago has a current book value of $6,000. This equipment can currently be sold for $ 5,000. The salvage value at the end of the study period of 5 years is expected to be $5,000. If the befo..
Suppose an individual has the following utility function defined over wealth: U = U(√wealth). The individual has an initial wealth level of $20,000. What is the expected loss? What is the maximum amount this individual is willing to pay for insurance..
Mrs. Smith earns $20 an hour. Normally, she has to drive into St. Cloud from her home (150 miles away) for a medical consultation. The drive is 2.5 hours each way, Mrs. Smith usually has a one-hour wait, and the consultation takes about an hour. Mrs...
Terry has a demand function for oysters given by the equation q=.02m-2p, where m is income and p is price. Terry's income is $8,000 and he initially has to pay a price of $40 per oyster. Assume the price of oysters rises to $80. Calculate the substit..
The average price of red stubble is about $8 per kilo also the fisher people's revenues for catching red stubble immediately cover their costs.
What are the necessary conditions for economic efficiency? In what four situations might a market fail to achieve ideal economic efficiency?
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