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Answer 1:
(a) If X is an inferior good, an increase in consumer income will decrease demand for X, thereby shifting the demand curve left. Thus, the equilibrium price and quantity demanded for X will decrease.

(b) Development of new technology used in production of X would lower cost of making X, thereby increasing the supply of X and shifting the supply curve right. This will increase the equilibrium quantity but reduce the equilibrium price.

(c) A rise in price of complementary good Y will cause the demand for X to decrease, thereby causing the demand curve to shift left. This will cause the equilibrium price and quantity to decrease.

(d) An increase in demand for an input for X, would lead to reduced production of X and would ...

Solution Summary

The solution answers a lot of questions related to economics. The solution explains the concepts of inferior goods, price elasticity, substitutes and supply and demand. Overall, an excellent response.

Imagine you are the CEO of a local bank whose credit card holders engage in 1 billion credit card transactions per year; that the likelihood of a fraudulent transaction is 2%; that the average transaction purchase value for all transactions is equal to $38.50; and that the bank bears the full cost of all fraudulent transactions

See Attachment.
Use mathematical induction to prove that LOG(base2) n < n. (n > 0, n E N)
Why is the basis step (step 1) in mathematical induction necessary?
Present an example to show that wrong results can be obtained if the basis step is missing.

Please see the attached file for the fully formatted problem.
Without using Theorem 4.2.2, use mathematical induction to prove that
P(n): 1 + 5 + 9 + ... + (4n - 3) = n(2n - 1) for all integers n >= 1

Is the following sentences true or false and why (please give mathematical or graphical explanation when needed)?
1. Empirical studies often indicate that the long- run average cost curve for PC industry is J -shaped
2. a profit- maximizing monopolist will always choose on output in the short run where the average total c

I need help for those exercises, # 1 , # 2 and # 3Managerial Economics
I am using Economics for managers BOOK: ECO 550 STRAYER UNIVERSITY 2008 CUSTOM EDITION; ECONOMICS for MANAGERS: ISBN- 13: 978-0-558-03749-9

Application of Mathematical Induction
It is an application of Mathematical Induction in proving the relations of Fibonacci Numbers.
To prove: F 2n+1 - Fn Fn+2 = (-1) n for n > or, = 3.

Application of Mathematical Induction
Application of Mathematical Induction
Fibonacci Numbers :- The Fibonacci numbers are numbers that has the following properties.
If Fn represents the nth Fibonacci number,
F1 = 1, F2 =1, F3 =2, F4=3, F5 = 5 etc.
We can find the Fibonacci number