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Maria consumes two goods, strawberries and other goods. Because of her exquisite taste, she buys her strawberries from a particular vendor. Her preferences over other goods y and strawberries x is characterized by a utility function U(x, y) = x + y, where y is measured in dollars and x is measured in pounds. Her income is $30/month. (a) In May strawberries cost $1.50/pound. What is her consumption choice? Justify either with math or a graph. (b) In July strawberries are $.50 (50 cents)/pound, what is her optimal consumption choice? Justify either with math or a graph. (c) In August her favorite vendor has a special: Strawberries are $2/pound, but a you get a $15 prepaid credit card with a purchase of 10 pounds of strawberries (think of this as getting cash back). What is her optimal consumption choice? Justify either with math or a graph.
Do you think the attitudes and bargaining behaviors of the participants in collective bargaining negotiations are more or less important in the final outcome than economic conditions and factors? Why?
Prove utilizing a graph, that a diagonal line through the original would intersect each indifference curve once.
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
Suppose a (very small) country has a central bank who has issued 100m of money, where nominal output is 350m annually. How frequently is the average piece of money used? 2. Give two realistic occurrences that might drive changes in the velocity of mo..
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said: "It's an oligopoly. When one (firm) changes price, they a..
Assume an economy in which the level of tehnology and the stock of capital are fixed. If there is a sudden increase in the labor force due to immigration, how would the standard of living be affected? Would a difference if the increase in the labor f..
Describe a decision-making scenario using your business experience, personal decision making or cited journal article; include an example of the decision-making process, describe the risk, and whether persuasion was used.
If one country has per capita income of $15, 000 and its economic growth rate is 5 percent per year, what will its per capita income be in 10 years? About how many years will it take to catch up to a country where the per capita income is $30, 000 pe..
Accounting equation determine effect if any on assets, liabilities and stockholder's equity. Explain what an account is and how it helps in recording process.
Yolanda runs a bulldog farm and when she employed one person, she produced 1,000 bullfrogs a week. Construct Yolanda's total variable cost and total cost schedules. Illustrate what is Yolanda's total fixed cost.
What is classical dichotomy?
Suppose Dana quits her job as a lawyer, where she made $6500 per month, to open an ice cream shop. Suppose that Dana has revenue of $20,000 per month. Her monthly explicit costs are shown below. Is Dana earning an accounting profit? Is she earning an..
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