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1. Let M(U) a = z = 10 - x and M(U) b = z = 21 - 2y, where z is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and B -- that is, x + y = 10. How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?
2.Assume that the consumption of schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30 and Xn = 10. Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig + Xn.
a. Calculate the equilibrium level of income or real GDP for this economy.
b. What happens to equilibrium Y if Ig changes to 10? What does this outcome reveal about the size of the multiplier?
For a given price P =$5, AVC = 3 and FC =20000, what is the DOL if the manufacturer id producing 15000 units. Using the DOL value calculated above what is the profits for a 10% increase and a 10% decrease.
The future possibility of doctors examining X-rays and performing other responsibilities from remote locations through the Internet. How will this change affect international business?
Consider a firm in a perfectly competitive industry. The firm has just built a plant that cost $1,700.Each unit of output requires $14 worth of materials. Each worker costs $11 per hour.The firm's production starts at 300 units with 1 worker (40 h..
After few years, cost of production of Panadol increased due to increase in price of paracetamol (one of the main ingredient used in the production of Panadol). Due to this increase people started using Disprine instead of Panadol.
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
If the price ceiling were removed, what would happen to the price of gasoline in the near term Is it fair that the available gasoline would only go to those people who are willing and able to pay the higher price
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
Economic fluctuations (or business cycles) are fluctuations in the level of economic activity, relative to a long-term growth trend. Comparing and contrasting the economic fluctuation the United States has experiences from 1990 to current date.
You have been assigned the task of creating a multiple regression equation of at least three variables that explains Microsoft's annual sales. Consider using a time series of data of at least 10 years.
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?
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