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Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 gallons of tap water. Ben is maximizing utility and his marginal utility from water is 0.5 unit per gallon.
a. Are flowers or water more valuable to Ben?
b. Explain how Ben's expenditure on flowers and water illustrates the paradox of value.
Assume that the following equations characterize a large open economy: (1) Y = 5,000 (2) Y = C + I + G + NX (3) C = 1/2(Y - T) (4) I = 2,000 - 100r (5) NX = 500 - 500e (6) CF = -100r (7) CF = NX (8) G = 1,500 (9) T = 1,000where NX is net exports, CF ..
Briefly discuss four activities a business machines salesperson might engage in relating to his or her primary selling function, and four he or she would engage in beyond selling related to this modern view.
If each security guard is paid $200 a week, and the cost of the stolen radio is $25,a. how many guards are needed to hire b. If the cost of a stolen radio is $25, what is the most a firm should pay the first security guard
Industry A is composed of five large firms and 100 small firms. The market shares of the five largest firms are, respectively, 30, 25, 20, 15, and 10. The 100 small firms together have the remaining market share. Calculate the Herfindahl-Hirshman ..
The federal funds rate is currently 3%. The equilibrium real federal funds rate is 3%, and the weights on the output gap and inflation gap are 0.5 each. The inflation target is 1%. Suppose that a year has gone by, output is now just 1% above poten..
The following table gives the information regarding the units produced by one factory located in qatar. Complete the table and answer the questions below.Marginal Cost,Marginal Profit,Marginal Revenue,Total Profit for each Unit of output Total Rev..
Consider the market for rainbow sandals. Suppose average household income increases from $44,000 per year to $61,000 per year. As a result, the demand for rainbow sandals increases from 427 to 535.
in the counry of economica the total labor force consists of 10000 workers 400 of these workers are unemployed and this
A corporation is interested in knowing which potential sales are next year if you use $20,000 in advertising expenses. The corporation uses the data from previous years to make its sales forecast.
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20,$24, and ..
A car rental agency is considering a modification in its oil change procedure. currently, it uses a type X filter, which cost $5and must be changed every 7,000 miles along with oil (5 quarts.) Between each oil change , one quart of oil must be add..
The amplifier depicted in Fig. 12.95 consists of a common-gate stage (M1 and RD) and a feedback network (R1, R2, and M2). Assuming R1 + R2 is very large and λ = 0, compute the closed-loop gain and I/O impedances.
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