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Q1. At Dave's current consumption bundle (involving positive units in both hot dogs and sodas) his marginal utility for hot dogs is 5 and his marginal utility for sodas is 4. If the price of one hot dog is $3 and the price of one soda is $2, is Dave currently maximizing his utility? If not, how should he reallocate his spending in order to increase his utility?
Q2. John spends $I on bottled water which he can buy in two sizes: 0.75 liter and 2 liter. The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water. How to define a utility function?
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
Susie's boss offers her $100 to come to work instead. In considering what to do, which of the above would be considered a sunk cost.
In an effort to provide tax relief for households while still balancing the budget, Congress votes to raise business taxes and decrease personal taxes.
Provide a rational for why you feel the new target market and pricing strategy would be successful and the likely impact to the profitability of the firm.
Do protectionist policies benefit producers, consumers, workers, or the government
Similarities in the definitions of management quoted from authors of management textbooks
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue.
the industry that this claim were untrue, what critical questions could you ask about the HHI used for the study
The law of demand states that other things equal
Conditions that exist when they shut down their operations and the conditions that exist when they resume their operations.
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