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A few basketball tickets are allocated via random assignment to the students free of charge (one ticket per person). Tickets could also be bought at the price of $10/ticket. Consider two situations: (1) resale of tickets is prohibited (assume perfect enforcement); and (2) resale is allowed and the market price remains at $10/ticket. Assume that each student's income is $I. On the graphs below make sure to indicate the coordinates of all relevant points such as intercepts, kinks, and optimal consumption points. (i) Draw the budget constraints under (1) and (2) for the students who have received free tickets. Put "all other goods" (AOG) on the vertical axis. (ii) Draw a smooth convex utility indifference curve and indicate optimal consumption point for a student who chooses not to resell the ticket under (2). (iii) Draw a smooth convex utility indifference curve and indicate optimal consumption point for a student who chooses to resell the ticket under (2).
Compute the equilibrium level of income for the open economy aggregate expenditure model.
Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises (AKA, PIE). The shipment of prescription drugs from pharmacies outside the United States to customers in the United State..
What is your interpretation of the phrase “act local, think global”? How would you use this knowledge as a global leader?
Suppose Ecuador and Hongkong negotiate a voluntary export agreement in which Hongkong imposes on its exporters a quota that limits shipments to Ecuador to 40 computers Assume Taiwan does not tske advantage of this situation by exporting computers to ..
Critically and briefly discuss the existing economic systems of the United States and its distinctive features from the economic systems of the United Kingdom.
A country faces two petroleum product markets, foreign and domestic and there is no resale between the two markets. The inverse demand curves for the domestic and foreign markets are expressed as follows: Domestic: Pd = 100 - 15Q Foreign: Pf=60 - 2.5..
Suppose China wishes to peg the Chinese Yuan to the US dollar at $0.20/Yuan. But, because of foreign funds flowing into China, the Yuan appreciates. How can the People’s Bank of China (China’s central bank) maintain the pegged exchange rate? Is the B..
Water Works Plumbing Company is a small owner-managed plumbing services company that serves the greater Miami metropolitan area. Identify each of the following costs as either a variable, a fixed, or a quasi-fixed cost: Gasoline expense for the ser..
Do you think healthcare spending contributes to the nation's GDP substantially? Explain. Do you think Real GDP reflects adequately our standard of living? why? why not? Share with us how your family and your hospital contribute to the nation's GDP.
Choose five U.S. government policies that affect trade with foreign nations.
"Mercantalism recommends that a country should limit its exports, so that more of the otherwise-exportable products are instead available for local consumption." Do you agree or disagree with this characterization of mercantilism's message? Explain.
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