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John and Sally have recently married and are trying to decide how much money to spend on groceries each month. Jane prefers purchasing organic food even though it costs slightly more. Joe would prefer to save money and buy generic, non-organic food brands.
a. Draw a utility frontier with Sally's utility on the X axis and John's utility on the Y axis.
b. On the graph above, choose threat points for John and Sally and label them. Label one point on the utility frontier that would be acceptable to both John and Sally. c. Label a point on the utility frontier that would not be acceptable to Sally.
Assume the demand function for basketballs is given by QD = 150 - 3P + 0.1I, where P = price of a basketball and I = average income of consumers. Also, assume the supply of basketballs is given by QS =2P. If the market for basketballs is perfectly..
At what salary would it make sense for this firm to hire an incompetent manager?
You have a contractor make improvements to a business rental for a fixxed price of $64,000. With this improvement you can obtain additional rent payments of $1,200 per month. You estimate the improvements will cause extra monthly expenses
The return on stock A is 8% and the standard deviation is 4 %. The return on stock B is 9% and the corresponding deviation is 5%. Which stock is more desirable
You are considering opening a new business to sell golf clubs. You estimate that your manufacturing equipment will cost $100,000, facility updates will cost $250,000, and on average it will cost you $80 (in labor and material) to produce a club.
Using the four components of the GDP, If GDP is $100 billion, consumption is $60 billion,investment is $30 billion, and net exports are -$5 billion,what is government spending in this economy
Determine the amount of consumer surplus, producer surplus and net social welfare generated in this market. Evaluate how your answer for Consumer Surplus in part B would change if QD =11000 - 500P instead?
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase c. If, instead, real output is fixe..
The element being searched for is not in an array of 100 elements.
If a regulation or product standard does not meet the environmental objective in a least-cost way, then we may be justified in assuming it to be a trade barrier. Do you agree?
The Manor Corporation has $800,000 of debt outstanding, and it pays an interest rate of 12 percent annually. Manor's annual sales are $2.4 million, its average tax rate is 35 percent, and its net profit margin on sales is 7 percent.
5.We are usually worried about ability bias when estimating returns to education. Are the following candidates valid instruments? Why or why not?(a) Distance of parents' home to college.
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