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Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20.
a) Draw Sage’s budget constraint (or budget line), with the number of CDs purchased on the vertical axis.
b) What is the opportunity cost of the second DVD?
c) Indicate on your graph the combination point showing Jane consuming 8 CDs and 4 DVDs (label it A). What can you say about this particular point?
d) List three changes that would allow Jane to consume both 6 CDs and 2 DVDs. Show the effect of each on her budget constraint on your graph.
Compute the year-to-year growth rates of real GDP. Can you identify the recession that occurred during this period?
What is the belief that laws are justified if they prevent a person from harming him- or herself known as?
describe how current economic conditions affect your organization or one with which you are familiar. Identify most important economic indicator affecting your organization and elucidate why.
Ellen and May can produce two goods in a day, breakfast bars and frog food pellets. In a single day, May can make 10 breakfast bars or 30 frog pellets
The New Zealand dollar pushed toward U.S.55c yesterday as the greenback was dumped on a surprise U.S. Federal Reserve initiative to pump more money into a still-choked financial system.
Assuming both types of taxes collect the same number of dollars, a wage tax is preferable to a head tax. For a “normal” good, the income and substitution effects are not opposing forces. That is, for a “normal” good, the substitution and income effec..
An economist estimated that the cost function of a single-product firm is: C(Q) = 110 + 20Q + 30Q2 + 10Q3. Based on this information, determine the following:
Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate Consumer Surplus. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate Total Surplus. Consider a market with a demand curve of ..
According to the rule of most favorable input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the corporation.
What is the particular form of money (M1,M2, etc.) that would be the smallest measure that includes the type of money described in the article. (For example, if the article is about cash, write "M1."
The Dallas Electronics Company is considering replacing an old, 1,000-pound-capacity industrial forklift truck. The truck has been used primarily to move goods from production machines into storage. Compare the after-tax EUAC of owning versus leasing..
Imagine the hourly production for tuna cans is given by q = 6K + 4L. Assuming capital is fixed at 6, how much L is required to product 60 tuna cans per hour? Assuming capital is fixed at 8, how much L is required to product 60 tuna cans per hour?
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