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Above you see three indifference curves and a budget line. Answer the following questions.
a. If this consumer's budget (or income) is $600 what is the price of Good A?
b. If this consumer's budget (or income) is $600 what is the price of Good B?
c. What is the slope of the budget line? Does this change depending on which combination of goods is purchased?
d. At the point of consumer equilibrium what is the marginal rate of substitution?
e. If the price of Good A increases by 50% from its original price which indifference curve will this consumer end up on? Will the consumer be buying more of Good Y, more of Good X, or more of both goods?
f. If the price of Good B decreases 40% from its original price which indifference curve will this consumer end up on?
a perfectly competitive firm and industry in long-run equilibrium. A. How do you know that the industry is in long run equilibrium B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process fo..
question 1.place your answers in the table provided at the end of the question1. use the following table to produce a
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
Greg and Tanya Ridpath have two children, ages 6 years and 5 months. Their younger child, Ray, was born with a congenital heart defect that will require several major surgeries in the next few years to fully correct. Greg is employed as a salesperson..
Imagine the economy is in a deep recession and the government decides to increase spending significantly (without raising taxes). Describe what will happen in the economy, using The Aggregate Demand-Aggregate Supply Model.
the demand for a product can change due to many factors. Distinguish between a chang in demand and change in quantity demand. What are the determiniants of demand What are the determinants of suppy
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
Consider an economy in which a monopolistic firm serves two identical, but separate markets, what is the total amount produced by the monopolist in equilibrium?
Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or marginal benefit of an additional ticket greater than, less than, or equal to $10? How might you dete..
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
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.
Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development What kinds of costs are involved in making a decision to shut down
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