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Suppose a consumer has a daily income of $48 and purchases just two goods, A and B. The price of A is $8 and the price of B is $6.
a. Draw the budget line for the consumer in a graph. Indicate the area of the graph that is attainable given the income and the area that is unattainable.
b. Suppose the price of good A drops to $6: how does the budget line change? Illustrate this graphically.
c. Suppose further that the consumerâs income increases to $60. Show how the budget constraint changes graphically.
An insurance market may fail to exist due to asymmetric information and adverse selection that results from it. Suppose that state law prevents car buyers from taking the offered car for independent quality verification for fear of discrimination tow..
A firm making external hard drives has a cost function c(y) = 4y + 1000. Its demand function is y = 200 – 0.5p. a. Calculate the profit-maximizing price and quantity. b. The firm decides to enter the Mexican market. It determines that its demand func..
A monopolist’s inverse demand function is P = 150 – 3Q. The company produces output at two facilities; the marginal cost of producing at facility 1 is MC1(Q1) = 6Q1, and the marginal cost of producing at facility 2 is MC2(Q2) = 2Q2. a. Provide the eq..
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
Using the South University Online Library and the Internet, research about intellectual property rights (IPR) and copyright laws.
Suppose an economy’s production function is Y = K1/2 x [AN]1/2 and that the savings rate, s, is equal to 21%, the depreciation rate, d, is equal to 8 %, the number of workers grows at 1.7% and the rate of technological progress is 6% per year, then f..
Calculate the total revenue, marginal revenue, fixed cost, marginal cost, variable cost, total cost and profit for each quantity listed.
As your client is intent on investing aggressively, you will want to include the "beta" associated with each instrument relative to the S&P 500 Index.
Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor? What effect does product differentiation have on the firms approach to price and advertising?
Go back to the numerical example with no factor substitution that leads to the production possibility frontier in figure 5-1. What is the range for the relative price of cloth such that the economy produces both cloth and food? Which good is produced..
A firm produces identical outputs at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant, how can the firm reduce costs while maintaining the same level of overall output? Explain.
The United States, Brazil,and Argentina are land rich and efficient farming countries. Which countries have large pools of low cost labor? How do countries with no natural resources manage to manufacture and export large quantities of goods?
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