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Income elasticity of demand
When your income goes up to $50,000 from $40,000, demand for Scotch Whiskey increases from 500 to 600. Calculate income elasticity of demand.
Business Economics, Economics
Some residents of the village of Taugswater have proposed purchasing logging permits relating to a nearby wilderness area. The majority of residents agree that the purchase of permits, to be set aside and not used, is th ...
Trans-Pacific Partnership (TPP) A. What are the economic implications? Provide a credible citation. B. What possible impact could this event have on global trade? Provide a credible citation. C. What is President Trump's ...
Use the following table to find the? steady-state values of the? capital-labor ratio and output if the? per-worker production function is y t = 2k t 0.3 . Saving rate (s) = 0.37 Depreciation rate = 0.04 population growt ...
A survey of car rentals agencies shows that the average cost of a car rental is 0,35 per mile. The standard deviation is .05. Using Chebyshevs theorem, find the price range for which at least 93.75 % of the data values w ...
A very skilled court stenographer makes two typographical errors (typo) per hour, on average. 1. What probability distribution is most appropriate for calculating the probability of a given number of typos being made by ...
Loan applicants, whose credit score is less than 600, default on a loan, either in a minor or major way, about 10% of the time in a certain regional market. A random sample of 8 applicants in this market with credit scor ...
In 15 experiments studying the electrical behavior of single cells, 11 use microelectrodes made of metal and the other 4 use microelectrodes made from glass tubing. If two of the experiments are to be terminated for fina ...
You just signed a 30-year lease agreement for a business property. The monthly rent for the first year is $1,000/month, with the ?rst month's rent due today. Starting from the second year onward, the monthly rent will be ...
A firm has hired you as a consultant. This firm is not perfectly competitive--it has some control over prices. This firm is currently selling 1000 units, generating $10,000 in revenues and $12000 in total costs. The mar ...
Why was the Federal Reserve System set up with 12 regional banks rather than one central bank as in other countries? Why was it made an independent quasi-governmental body and not a direct part of the federal government?
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