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Over the past decade medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity of other goods. Furthermore, let income (M) be measured in hundreds of dollars, the price of medical services and other goods in terms of dollars per minute, with, and .
i. Graph the budget line, and determine the market rate of substitution.
ii. Illustrate the budget set.
iii. Show in your graph what happens to the budget constraint if increases to $15.
iv. What is the meaning of the slope of the two budget constraints?
If Anne is planning to invest her loan in an asset which she hopes to turn a profit on, Illustrate what is the minimum rate of return she needs to earn.
Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?
What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
Name at least one reason why an insurance company might set a deductible. Explain when can forcing everybody to buy full insurance at market rates help everybody?
When Michael got a pay raise and began to earn $6,000 per month, his demand shifted outward to Q = 20 – 0.25P. Given this information, find Michael’s income elasticity (EI) for filets.
What sort of relationship would you expect to see between the price of bonds and the interest rate?
What is your monthly interest rate and what is your annual effective interest rate? If you have an outstanding balance of $1,800 on that card what would be the balance if you skipped 4 months payments (ignore credit card fees and penalties)
At prompting of United States, Japan relaxed restrictions and allowed companies to invest anywhere in world. What effect do you think this had on yen/dollar exchange rate and trade balance between two countries.
Instead of imposinga tariff, the government reached an agreement with foreign suppliers to "voluntarily" limit the portable radios they export to 1,250 per year. What is the deadweight loss resulting from this agreement?
When one person saves which person's wealth is increased, meaning which he or she can consume more in the future. But when everyone saves, everyone's income falls, meaning which everyone must consume less today. Explain this seeming contradiction
q1. write a 1050- to 1250-word report in apa format advising the president of rodamia making recommendations for
Assume capital depreciates at 10 percent a year. Economy A has 1.000 units of capital while Economy B has 2,000 units of capital. Illustrate what must Gross Investments be in Each Economy to keep capital stocks Constant.
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