Economics Homework Help!?
"Sticky" prices are those that are not flexible. Normally, prices and wages adjust for inflation and deflation, but sticky prices tend to remain the same over lon gperiods of time and do not adjust for inflation. In a "market clearing" model, prices for goods and services are flexible and adjust constantly to bring supply and demand to an equillibrium, and therefore making it extremely hard to study the supply-demand model (because supply and demand curves constantly shifting adjusting themselves for changing prices). So in order to make it easier to study the supply -demand model, economists assume that prices are "sticky" (remain the same) for long periods of time, therefore, keeping the equillibrium and supply-demand curves in place. Although market-clearing models assume that all prices are flexible (adjust for inflation), in the real world some prices are sticky (remain the same for long periods of time regardless of inflation). For example, the prices for magazine subscriptions remain the same and do not change for years. They are "sticky". You pay for the "People" magazine subscription the same money that you paid 4 years ago even though the prices on almost everything else had increased due to inflaton (rent, gas, etc). Another example: haircuts. The prices in hairsalons are sticky, they remain the same for long periods of time. Sticky prices are also called "menu" prices, because the prices on the menus in restaurants do not change often too. Can you imagine what would happen if you would constantly have to pay different prices adjusted for inflation and deflation in the restaurants or hairsalons? Also if you subscribed for a magazine and before your subscription had even expired, the price on the magazine went up for inflation? This would create a mess. That's why some prices are "sticky" by nature.
Economics homework help?!?
A new health kick has swept the nation making everyone want to exercise and be healthy. How does this affect the market for Pilates Workout DVDs? A. decrease equilibrium quantity, increase equilibrium price. B. increase equilibrium quantity, increase equilibrium price. C. increase equilibrium quantity, decrease equilibrium price. D. decrease equilibrium quantity, decrease equilibrium price.
Economics homework HELP!?!?!!?
1. After graduation, you face a choice. You can work for ADM and earn $40k. The other option is to use $5000 of your savings to start your own consulting firm. The interest rate on savings is 5%.You decide to start your own firm. At the end of the year, you add up all your expenses and revenues. You find that you had Rent = $12k, office supplies = $1k, office staff wages = $20k, and telephone expenses of $4k. a. What are your total explicit costs? $37,000.00. Let me know if you get something different. b. What are your total implicit costs? $45,250.00. I think that is what the answer is. 2. At the end of the year COMPX produced 10,000 laptop computers. Its total cost was $5 million, and its fixed costs were $2 million. What are the average variable costs for the firm? i think the answer is 300. Let me know what you think
Economics homework help?
A bumper crop of farm products causes: A. only a slight decline in the price of farm products because the demand for farm products is income inelastic. B. a large decline in the price of farm products because the demand for farm products is price inelastic. C. only a slight decline in the price of farm products because the demand for farm products is income elastic. D. a large decline in the price of farm products because the demand for farm products is price elastic. I think the answer is A but not for sure Which of the following argument is not generally made to justify farm subsidies? A. The "family farm" is an American institution that should be protected and nurtured. B. Agribusiness firms need subsidies to achieve economies of scale. C. Farmers sell their output in purely competitive markets, but must buy inputs from imperfectly competitive firms. D. Farmers cannot fully insure themselves against the risks unusual to farming, such as floods, droughts, and pests.
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Economics homework help please?
Q2. A demand function for gasoline is as follows: Calculate the price elasticity at a gasoline price of $3 per gallon. Q3. An individual has the following demand function for gasoline: Where income and car price are measured in thousands, and the price of bus travel is measured in average dollars per 100 miles traveled. Assuming the average automobile price is $22,000, income is $40,000, the price of bus travel is $25, and the price of gasoline is $30, calculate and interpret the income elasticity of gasoline demand and the cross-price elasticity of gasoline demand with respect to the price of bus travel.
Help with my economics homework?
Annie runs a fitness center. On December 31, 2004, she bought an existing business with exercise equipment and a building worth $300,000. During her first year of operation, business was poor. She sold some of her equipment to a competitor for $100,000. What was a.Annie’s gross investment during 2005? b.Annie’s depreciation during 2005? c.Annie’s net investment during 2005? d. The value of Annie’s capital at the end of 2005?
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Economics homework help: Supply and Demand?
Are you asking what happens to the graphs from the 4 options that u gave? If so, here are the answers: 1. Increasing the price of sugar means that the cost of manufacturing the jellybeans increases. Thus, the supply would invariably decrease in the short term. Supply Decreases (left) 2. This would lead people to buy more jellybeans rather than bubblegum. Thus, the overall demand for the jellybeans increases. Demand Increases (right) 3. Manufacturing costs decreases and thus, the producers would be able to dish out or make more of the jellybeans in the same costs as before. Thus, the supply in the market increases. Supply Increases (right) 4. Since the tax is being applied, the supply of foreign jellybeans would drop down. Thus, the overall Supply Decreases (left) 5. Less people are going to buy soda pop which will affect the demand of the jellybeans. Hence, the demand of the jellybeans decreases. Demand Decreases (left) 6. This is the easiest one. Widespread prosperity means good economic times meaning people buying more jellybeans. Thus, the demand of the jellybeans in the market increases. Demand Increases (right)