Why are time series data unlikely to give an accurate estimate of demand?
What will be an ideal response?
Demand may have shifted over time, so that instead of obtaining points on a single demand curve, one is connecting points from several demand curves. One needs to obtain several price, quantity points at a single point in time to be assured of an accurate estimate of a single demand curve.
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The marginal cost is the:
a. b and c. b. change in total cost as the quantity changes by one unit. c. change in total variable cost as the quantity changes by one unit. d. change in total fixed cost as the quantity changes by one unit. e. same as the fixed cost when average fixed cost is at a minimum.
The experience of the high-growth Asian economies has brought attention to predictions about income inequality made by Kuznets. He predicted that at first income inequality would ________ as economies began to develop. In the HPAE's experience, it ________
A) rise; rose B) decrease; decreased C) rise; fell D) fall; rose
Refer to the table above. If country X is expected to grow by 19% between the years 2007 and 2008, what is the expected GDP per capita for the year 2008?
A) $2,439.50 B) $3,015 C) $2,763.90 D) $1,882
Suppose Ramen noodles, an inexpensive but a quite tasty dish, are an inferior good. Why do grocery stores in college towns, that is, towns with a large fraction of college students, stock a lot of Ramen noodles?
What will be an ideal response?