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If the price of cheese is marked down during a sale by 20% and in response the quantity demanded increase from the 30 packages to the 45 packages determine the price elasticity of demand? I
Determine a country's tradeoff among the production of two 'goods': environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why
The inflation rate from 2010 to 2011 for a good j is defined to be Ij = (Pj/pj)? 1, where pj was the price in 2010 and Pj was the price in 2011 (assuming for simplicity that the prices stayed fixed
Determine a farmer who can either plant or market or consume his crop. Whatever amount he plants becomes a crop twice the size the following year.
The U.S had an average income of about #2758 and the U.K of about $3463 in 1870. The figures were $30,600 and $22,640, respectively in 1999.
Determine the Y from this tax rate change. Find out the new equilibrium level of Y? Find out the budget surplus? Graphically depict the effect of this tax rate change on Total Expenditures.
What would the level of Total Expenditures be? If actual output was 1000, what would the level of consumption be? Explain the process that would lead the economy back to equilibrium.
Identify an article about an event that would cause the productivity and the costs to change within a single market. Use the article to answer the following questions:
Suppose you have 4 equally weighted tests in a course and your test average in the class has fallen from the 90 to 88 to 84 to 81 where it is now.
The Newspaper reported that insurgents in the Saudi Arabia had taken over a major oil refinery. Discuss what would you calculate would happen to the average price and quantity exchanged in the marke
Assume Jerry and Tom can buy or sell the apples at price Pa and the bananas at price Pb. Both are price-takers. Given these prices, they seek to maximize utility by choosing determine how many apple
All workers face the tradeoffs. Self-selection permits the workers to exploit these tradeoffs when choosing jobs, thus maximizing utility.
How the concepts of attitude and the personality are both similar and different. Why is it important that an HR staff person who deals with the conflict in workplace, how can und
Discuss what happens if the government sets the tax rate to zero on unearned income and on the first $120 of his earnings, but imposes a 20% tax for each dollar earned in excess of $120?
Describe the elasticity and the nature of the two products. A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold.
What are the three factors that estimate the behavior and the ultimate value of people in an organization? Which is the most important factor of the three from a manager's perspective? Give an exam
Sarah's preferences for leisure and consumption can be expressed as U ( C , L ) = ( C - 180 ) × ( L - 80 ) . This utility function implies that her marginal utility of leisure is C - 180 and h
A company employee is considering legal action against her employer. If she came to you for advice, discuss how would you present to her the differences between a stereotype, prejudice, and discrimi
Assume Naomi and Noah's short-run weekly production function for garden benches is F(L)=0.4L. Where L represents the number of hours of labor employed. The wage rate is $10 an hour.
Suppose you are the HR director for a large company and you have just hired a number of HR staff and need to train them how to handle issues that arise among company employees.
If Ms. Popovich's estimated hourly wage is $100, determine how many hours would Ms. Popovich work? Calculate how many hours would Ms. Popovich spend for leisure?
Suppose that the demand for iron (the primary component of steel) is Q = P^(-a)? , where the exogenous parameter a>0 takes some fixed value.
Assume the government wished to promote efficiency in the crabbing by requiring crabbers to purchase licenses. Discuss how much should they charge for a license?
Anyone who has ever eaten crabs from the Chesapeake Bay knows that the quality of crab cakes declines with the square of the distance from the Bay. Thus, one should never order crab cakes at the Red
An important way to reduce the water pollution from the farms is to plant a buffer zone among the water and crops. Economist's estimate that for each bush there is a $20 gain in reduced the pollutio