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Assume that a person considers carrots (X) and peas (Y) to be normal goods and has convex preferences. a. (10 pts) Design an indifference curve-budget line diagram showing the substitution and income effects created when the price of carrots increases. In your diagram, place carrots on the horizontal axis and peas on the vertical axis. b. (4 pts) How can you tell from your diagram that carrots and peas are normal goods? Explain. c. (4 pts) In your diagram, what happened to the quantity of peas when the price of carrots increased? Does this person view these two goods as substitutes or complements? (Note: answers may vary.)
Discuss the main pros and cons of taking the import-replacing road to industrialization versus concentrating government aid and private energies on developing new manufacturing exports.
Suppose a firm is doing the best that it can and faces the following data: TR = 40, FC =20, VC =50. Should this firm exit the market immediatly? Explain. Should this firm exit the market in the long run? Explain
Few fields of empirical economic research offer virtual unanimity of findings. The authors discuss the role of leakages in determining the impact of sports teams on the local economy. What are they talking about? Be specific so as to convince me that..
How can the organization use technology to change this balance for an advantage?
What is the particular form of money (M1,M2, etc.) that would be the smallest measure that includes the type of money described in the article. (For example, if the article is about cash, write "M1."
Kathy's Bakery is a local full-service bakery in Omaha, Nebraska. Kathy sells loaves of wheat bread for $3 a loaf. Of this amount, $1.50 is profit contribution. Assuming average variable costs are constant at all output levels, what is Kathy's total ..
What are some potential problems that could arise when dealing with claims filing process in Healthcare Reimbursement?
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
classical economists believe that. keynesian economists believe that. in dealing with the "great recession", the obama administration has largely followed the policies of ____________
"Since the statistical discrepancy in the U.S. balance-of-payment accounts is so large, we cannot rely on the U.S. BOP statement to give information on the size of various 'balances' with any precision. Perhaps the U.S. BOP statement is essentially u..
q1. cuties farm produces and sells milk. the market is perfectly competitive. the market price of milk is 2.50 per
If a firm sold $700 worth of goods which cost $1,000 to produce: A. national income would no longer equal GDP. B. the firm's loss needs to be subtracted from final sales so that income and output are still equal. C. the firm's loss would not be added..
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