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1. Budget Constraint.
Antonio buys 8 new college textbooks during his first year at school at a cost of $50 each. Assume that he buys only new books. Used books cost only $40 each. When the bookstore announces that there will be a 20-percent price increase in new texts and a 10-percent increase in used texts for the coming year, Antonio's father offers him $80 extra. Is Antonio better off or worse off after the price change? (Hint: draw Antonio's budget lines before and after the price increase.)
Now suppose Antonio was also buying some old books before the price increase. Does your answer change?
2. Budget Constraint.
Rashid is a frequent flier with a major airline. His fare is reduced by 25 percent after he flies 30 000 km per year and then to 50 percent after he flies 60 000 km per year. Draw Rashid's budget constraint.
3. Budget Constraint
Alan consumes both tea and coffee. His weekly budget for coffee and tea is $10. Tea always costs $1 per cup. Coffee is normally $2 per cup. This week Alan's cafeteria runs a promotional campaign: if Alan buys 3 cups of coffee he gets the fourth for free. Draw Alan's budget constraint with such promotional campaign.
An end-of-sale price promotion changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
The exponent of D in the above equation is +0.75. What does this say about the effect of bus fare on the demand for auto travel? Is the demand for auto with respect to auto travel-time elastic or inelastic? Please explain.
Assume that the The World Steel industry wants to expand and that its only option is a merger. Now the industry is confronted with government regulations to oversee the merger.
The marginal private cost (MPC) of such lawn upkeep is represented by the following equation: MPC = 0.5Q, where Q is again the number of hours engaged in lawn upkeep. how many hours of lawn upkeep will occur in this community.
Graph Jay's budget constraint when her income is 50, and the price of housing and food is 2 and 10 respectively. What happens to her budget constraint when M increases?
compare them over a period equal to the life of the shorter-lived alternative D) compare the present worth over one life cycle of each alternative. Explain why. Do not waste time just selecting a,b,c, or d. You will not be rated.
Suppose you own an insurance company. Further suppose that this market is composed of only 3 people. Further still, supposed that this insurance is full coverage and medical expenses are always $1000. It would be logical to also assume conditions ..
Find out the Marginal Revenue and Marginal Cost
An arrangement in which consumers choose their health-careservices while other institutions pay a share of the cost of thoseservices is called a(n)____ payer system a) provider fees b) insurance premiums
Discuss the importance and cost of research and development. Does every drug pay off Is strategic behavior important in this market Is product differentiation important in this market
Explain in one or two paragraphs why innovation is at the heart of creating and sustaining competitive advantage for firms. You need to mention the interrelationships between innovation and productivity
This line is aimed at the low end of the market and isn't constructed on a wheel base. Writing instruments. This line includes mechanical pens and pencils which are sold to the middle-market segment between the low-end products such as Bic and hi..
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