Other Economics Answers

Indicate in each of the following instances whether specified events would cause a worker to want to work more or fewer hours

a) The wage rate rises and the substitution effect is greater than the income effect

b) The wage rate falls and the income effect is greater then than substitution effect.

Inferior goods and Giffen goods are synonymous since the two goods relate to the consumer’s purchases. True or False, explain

How much will mollys monthly payment be is she makes 36 monthly payments

When supply shifts to the right and demand stays constant, the equilibrium price

A. decreases and the equilibrium quantity decreases.

B. decreases and the equilibrium quantity increases.

C. increases and the equilibrium quantity decreases.

D. increases and the equilibrium quantity increases.

Suppose that equilibrium price in this market were to remain at P2 while equilibrium quantity increases to Q4. Which of the following could account for such a change?

Consumer spends all his or her income on food (X) and clothing (y). The current prices are p1 10 birr and P2 5birr and he or she maximizes utility by purchasing 20 units of X and 50 units of y.find how much he or she will purchase if she or he spends the entire income on x

Consequences of Unemployment and then respond to the following:

Based on your own life observations, identify one personal and one social consequence of unemployment in your country or society. What role, if any, do you believe the government should play to reduce negative consequences

The market for good B is in equilibrium. Then a technological innovation reduces costs of production of good B and, simultaneously, the price of a complement good increases. The equilibrium price of good B will