How can changes in the distribution of income across consumers affect the market demand for a product?

Do you think a college education at a specific school has a high or low price (tuition) elasticity of demand?

Sam spends $6/wk on orange juice and apple juice. Orange juice costs$2/cup while apple juice costs $1/cup. Sam views 1 cup of orange juice as a perfect substitute for 3 cups of apple juice. Find Sam’s optimal consumption bundle of orange juice and apple juice each week. Suppose the price of apple juice rises to$2/cup, while the price of orange juice remains constant. How much additional income would Sam need to afford his original consumption bundle?

Why does the quantity of salt demanded tend to be unresponsive to changes in its price?

Why do work roles in a traditional economy tend to be limited?

a. What are the three main types of sedimentary rock? b. Which type of sedimentary rock forms from the remains of living things? Explain how this sedimentary rock forms. c. What process causes deposits of rock salt to form? What type of sedimentary rock is rock salt?

On a topographic map, contour lines that are closer together indicate a. forest. b. a steeper slope. c. a mountain top. d. roads.

Why did the former Soviet Union have problems adapting to a free-market society?

What are the five most important variables that cause the market demand curve for labor to shift?

The total market value of all final goods and services produced annually in an economy is called ______.

In assessing the Cayenne, what do you think Porsche needs to assume regarding the substantial profit margins that exist in this market? Is it likely they will be maintained as the market becomes more competitive, or will Porsche be able to maintain the profit margin because of its image and the performance of the Cayenne?

Externalities cause the market mechanism to allocate goods and resources inefficiently because of what reason?

What percent of the variance of stock A B C in Example earlier mentioned is systematic (market) risk?

A perfectly competitive firm a. chooses its price to maximize profits. b. sets its price to undercut other firms selling similar products. c. takes its price as given by market conditions. d. picks the price that yields the largest market share.