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Suppose the initial price of apples is $1 per lb. and the price of orange is $2 per lb. A typical consumer has income $10 and spends all his income on the two goods. The consumer buys 4 lbs of apples at the initial price levels. Later the price of apples increases to $2 per lb and the price of orange remains unchanged, and the consumer buys 3 lbs apples. Based on indifference/budget constraint knowledge, derive the demand curve for apples. Make sure you label all the prices and quantities carefully. (Hint: calculate the quantities demanded for oranges in the 2 circumstances first.)
There are three players, labeled 1,2 and 3. At the start of the game, players 1 and 2 simultaneously choose between playing “A” and “B”. If they both choose “A” then the game ends and the payoffs are (1, 0, 0) If player 3 guesses correctly, then he a..
Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set.
Firms operate in a market structure that approaches perfect competition typically are known as "price takers", i.e., the individual firm can only expect to get the price dictated by supply and demand conditions and the decisions of the individual fir..
Tara bought a corporate bond with a face value of $20,000 at a discounted price of $18,000. The bond pays a dividend every year payable quarterly. What is the quarterly dividend Tara should get if she hopes to get a 12% return on her investments? Ass..
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City home-less shelters. Table 2P-1 shows their weekly production possibilities in providing emergency goods to NYC homel..
Assume the United States economy is in a deep recession explain how does this recession affect the US major trading partners such as China, Canada and Japan.
What happens if you are willing to pay $80 to go to a concert, but the ticket prices are only $50. How does this affect the producer and consumer surplus in markets? Provide a detailed response.
What are the opportunities presented to individuals and firms that result from technological innovation and changes in real-world competition
Two countries will have zero incentive to trade if their production possibilities curves are parallel straight lines because One country has a comparative advantage in the production of both goods, thus providing that country with no incentive for tr..
Dranove and Wehner (1994) argue that the statistical evidence used to support the supplier induced demand hypothesis is invalid because they find that the same statistical techniques also suggest that obstetricians induce demand. Briefly explain the ..
Suppose that in a week the price of Greek yogurt increases from $1.25/lb to $1.75/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,00 lbs to 150,000 lbs. What is the price of elasticity of supply for Greek yogurt?
Draw a hypothetical demand and supply curve for cyber cafes - coffee houses with computers hooked up to the Internet with access to daily newspapers (among other things) at each table. Show how demand or supply is affected by the following:
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