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Suppose an agent has preferences represented by the utility function u(x1, x2) =X1 square X2 cube. The price of x1 is 3, the price of x2 is 2, and the income is 10. Mathematically derive this consumer's demand curve for good 1
Define the law of supply and the law of demand. Discuss how market supply differs from individual supply.
The Nottinghamshire Research Observatory in England calculated that students who attend Nottingham Technical University spend about £2,760 each in the local economy for a total of £50.45 million. In total, the impact of their spending on the local ec..
a. What is the probability that no more than 4 of them will qualify for membership of Mensa?
A common argument in favor of minimum wage laws is that they are necessary to prevent employers from taking unfair advantage of their employees. What is the flaw of this argument?
You and your friend are trying to decide where to have dinner. Restaurant #1 has an average price of $20 per person and is 5 miles away. Restaurant #2 has an average price of $30 but is only 1 mile away. Determine the set of all restaurants which wou..
If all of the big tech companies in Silicon Valley (Apple, Facebook, Google) go to college campuses to interview the 2017 graduates, only to (ironically) find that they are mostly dim-witted fools who are hypnotized by their iPhones and can't last..
Suppose there are two potential objectives, but this particular decision maker cares only about one of those objectives and not at all about the other. Draw a diagram with the amounts of each objective on the axes, and then show what his indifference..
Is price elasticity of demand at colleges or universities elastic or inelastic? What could you do to find out?
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 60 - 0.25P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
Calculate the medical expenses offset for a client who has a total of medical expenses of $5,500 for the financial year. The taxpayer has private medical insurance and received $2,200 in refunds.
The Stolper-Samuelson Theorem predicts: (a) the level of productivity in export industries (b) which factors are abundant (c) the factor income distribution effects of trade (d) which goods will be exported
This exercise presents a simple example to elucidate how exchange-rate conversions can produce misleading results and how the PPP methodology works.
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