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Neville has demand function q = .02m - 2p, where m is income and p is price. Income is $8,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $80. The substitution effect of the price change is?
Business Economics, Economics
From a deontological ethical framework, construct an argument either in favour of a minimum wage or against it.
Consider the labor market of the telecom industry is originally at an equilibrium level E0 and w0. Assume that now the companies offer each employee an iPhone as employment benefit every year. The firms can get iPhone at ...
1. Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations: B(Q) = 100 + 36Q - 4Q2 and C(Q) = 80 + 12Q. [Note: MB(Q) = 36 - 8Q and MC(Q) = 12.] a. Writ ...
A firm undergoes a learning curve over its first few years of existence In its first year, its cost function is C(Q)= 128 + 3Q + 2q 2 with MC= 3 + 4Q In its second year, its cost function is C(Q)= 100 + 2Q + q 2 with ...
Consider the following production function that is already written in per worker terms: y = Akαh 1-α where h represents human capital per worker. Suppose we are given the following information: capital per worker in an e ...
Your environmental science professor designs an experiment to see whether students in her class care about recycling. She places a recycling bin and a trash bin at the front of the class and then hands out a piece of pap ...
The average number of women in a shelter each night is 250 with a standard deviation of 75. If the city's capacity is 350 people will there be enough beds to meet the demand 95% of the time? How many women will be in the ...
Explain the long-run effects of the guiding function of price.
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Global warming is related to the concentration of greenhouse gases in the atmosphere. Once in the atmosphere, gases remain there for long periods of time (centuries). Greenhouse gases include carbon dioxide and methane. ...
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