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Derive the income elasticity of demand function for individuals with (a) cobb-douglas (b) perfect substitutes and (c) perfect complements utility functions
Business Economics, Economics
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What's your answer about the equilibrium change from an event which decreases both demand and supply? You don't need to provide graph here. Just describe the curve shifts and how the equilibrium price and equilibrium qua ...
A random sample of 19 college? men's basketball games during the last season had an average attendance of 5,046 with a sample standard deviation of 1,753. a. Construct a 99?% confidence interval to estimate the average a ...
Suppose that Serendipity Bank has excess reserves of $12,000 and check able deposits of $150,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
In a survey of 320 customers, 84 say that service is poor. You select two customers without replacement to get more information on their satisfaction. What is the probability that both say service is poor?
At age 30 you decide to start saving for retirement. You wish to retire at age 65, and you expect to need an income of $2,500 per month for 25 years. If your savings earns an interest rate of 0.64% per month, how much wi ...
What is the difference between a positive economic statement and a normative one
What happens if wages and prices adjust very quickly in response to various shocks to the economy? Does this make business cycle, expansions and contractions in the economy, shorter or longer?
In the U.S., 82% of police officers have graduated from a police academy. If 300 police officers are chosen at random, what is the probability that at least 75% have graduated from a police academy? Keep intermediate ste ...
Given that some normally distributed data has a mean of 942.5 and a standard deviation of 96. What is the value x of this data set where 85% of all other data values are greater?
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