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Economics of Enterprise – Q&A

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Question 4
a.As the price of oranges rises, the demand for oranges falls, ceteris paribus.” Explain.
b. “The price of a bushel of wheat was $3.00 last month, and $2.50 today. The demand curve for wheat must have shifted leftward between last month and today.” Discuss.

c. Some goods are bought largely because they have ‘snob appeal.’ For example, the residents of Beverly Hills gain prestige by buying expensive items. In fact, they would not buy some items unless they are expensive. The law of demand, which holds that people buy more at lower prices than at higher prices, obviously does not hold for the residents of Beverly Hills. The following rules apply in Beverly Hills: high prices, buy; low prices, don’t buy.” Do you agree? Discuss.
Question :

The minimum wage in year 1 is $1 higher than the equilibrium wage. In year 2, the minimum wage is increased so that it is $2 above the equilibrium wage. We observe that the same number of people is working at the minimum wage in year 2 as in year 1. Does it follow that an increase in the minimum wage does not cause some workers to lose their jobs? Explain your answer.

what are the benefits of households into international trade?
3. The Municipal Corporation of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the average annual market-clearing rent for a two bedroom apartment had been Rs.10000 per month, and rents were expected to increase to Rs.15000 within a year. The Municipal Corporation limits rents to their current Rs.10000-per-month level. Draw a supply and demand graph to illustrate what will happen to the rental price of an apartment after the imposition of rent controls. Do you think this policy will benefit students? Why or why not?
1. Develop a simple regression model with paint sales (Y) as the dependent variable and selling price (P) as the independent variable.
a. Show the estimated regression equation.
b. Give an economic interpretation of the estimated intercept (a) and slope (b) coefficient.
c. Test the hypothesis (at the 0.05 level of significance) that there is no relationship (i.e., β = 0) between the variables.
d. Calculate the coefficient of determination.
e. Perform an analysis of variance on the regression, including an F-test of the overall significance of the results (at the 0.05 level).
f. Based on the regression model, determine the best estimate of paint sales in a sales region where the selling price is RM14.50. Construct an approximate 95 percent prediction interval.
g. Determine the price elasticity of demand at a selling price of RM14.50.
Which product would be likely to be bought in the same quantity even if it doubled in price?
“Even if government spends its money on wasteful projects, it is still worth because it creates jobs.”
Which of the following statements reflects the broad economic goal of equity?
Congress increasing funding for space exploration in order to boost high-tech employment and develop new technologies
Removing funding from public universities that refuse to accept women, minorities, or economically disadvantaged applicants as students
The National Park Service maintaining a program of controlled fires to burn off undergrowth and keep wildfires from happening
The president speaking about economic opportunities in giving better trade status to countries with command economies

In 2011, Jean earns a salary of $150,000 and invests $20,000 for a 20% interest in a partnership not subject to the passive loss rules. Through the use of $400,000 of nonrecourse financing, the partnership acquires assets worth $500,000. The activity produces a loss of $75,000, of which Jean's share is $15,000. In 2011, Jean's share of the loss from the partnership is $7,500. How much of the loss from the partnership can Jean deduct?
other things remaining the same, what would happen to the supply of a particular commodity if the following changes occur,
a. the price of the commodity decreases.
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