When shopping you notice that a pair of jeans costs $20 and that a tee-shirt costs $10. You compute the priceof jeans relative to tee-shirts.a. The dollar price of jeans and the relative price of jeans are both nominal variables.b.The dollar price of jeans and the relative price of jeans are both real variables.c.The dollar price of jeans is a nominal variable; the relative price of jeans is a real variable.d.The dollar price of jeans is a real variable; the relative price of jeans is a nominal variable.Select one:O aOb

Real variable means which is measurement in quantity or units whereas nominal variable is measured…

Answered: When shopping you notice that a pair of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In terms of our shift variables of demand and supply, how are each of the following pairs related? Which side of the market for the second good (supply or demand) is affected by the change in the price of the first good. a. wheat and breadb. butter and breadc. peanuts and peanut butter
The price of a DVD rental is 1.50 dollar and the price of a downloaded movie is $1. What is relative price of downloaded movie.
30. Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal. ? 1. Wearing athletic clothing items becomes very fashionable 2. Consumers are exercising more ? 3. Household income has been declining in the last 5 years A. Decreased B. Increased 27. Pak is planning to take a day off work (8 hours) to work on some home repair. He works as an electrician and earns about $35 per hour. Pak plans to spend $1500 on materials for his home repair project? What is the opportunity cost of Pak's home repair project? $ dollars. Should Pak take time off to his home project? OYes, if the cost of the project was $ 2225 if he hired someone to do it OYes, if the cost of the project was $ 1800 if he hired someone to do it OYes, because $ 1500 in material is reasonable ONo, because he is giving up wages
The relative price of hamburgers this year has A. increased. B. decreased. C. stayed the same. D. Not enough information has been given to calculate an answer.
Explain the impact of higher corn prices on consumers. Draw a graph and upload your graph on canvas explaining the impact of higher corn prices on consumers. Explain which curve will shift on your graph and the change in price and quantity demanded. Explain the impact of higher corn prices on producers. Draw a graph and upload your graph on canvas explaining the impact of higher corn prices on producers. Explain which curve will shift on your graph and the change in price and quantity supplied. Edit View Insert Format Tools Table Paragraph |BIU A e p?u|: 12pt v
In 1973, the price of a Big Mac was $0.50. Use the information in the table below to find the price of a Big Mac in 2006 dollars. Year 1973 2006 CPI 44.4 201.6 Source: Bureau of Labor Statistics. Base year 1962-84. The value of a 1973 Big Mac in 2006 dollars is $ The actual price of a Big Mac in 2006 was approximately $2.99. Thus the price of Big Macs has risen (Round your answer to two decimal places.) faster than the cost of living. at the same rate as slower than
What is an example of a change in relative price compared to a change in general price?
If the price of a candy bar is $1 and the price of a fast food meal is $5,A) the money price of a fast food meal is 1/5 of a candy bar.B) the money price of a candy bar is 1/5 of a fast food meal.C) the relative price of a fast food meal is 5 candy bars.D) the relative price of a candy bar is 5 fast food meals
When the term "price" is used in the law of demand, price is referring to OA. the nominal price of the good relative to its nominal price in the previous year. B. the price of the good relative to the price of another good or relative to the average prices of all other goods. OC. the absolute price of the good. OD. the dollar price of the good.
Q1. If price of cheese rises what happens to equilibrium price and quantity of pizza? (Cheese is considered as ingredient)
One Analyze the effect of each scenario on the price of khaki pants. Consider the following scenarios. Think about how each scenario would affect the price of khaki pants. A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans increases. People's incomes increase.
In terms of our shift variables of demand and supply, how are each of the following pairs related? Which side of the market for the second good (supply or demand) is affected by the change in the price of the first good. d. crackers and peanut butter e. cotton and dress shirtsf. neckties and dress shirts g. leather and shoesh. socks and shoes

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