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Emma consumes only apples and milk. She does not have any income, but she inherited an apple tree and a single cow from her grandfather. The apple tree produces 100 apples each year and the cow gives 160 gallons of milk. Suppose that Emma can freely buy and sell apples and milk in the market at a price of $1 per apple and $2 for a gallon of milk. That is, she can sell some of her apples for additional milk, or she can sell some of her milk for additional apples. Draw her budget constraint, with milk on the horizontal axis, and apples on the vertical, carefully labeling the intercepts and slope. (Hint: she begins at her initial bundle and can trade from there. Determine her trading ratio of apples for milk.)
The government announces that it will privatize the main bank in the country through the stock exchange.
As the exclusive carrier on a local air route, a regional airline must conclude the number of flights it will provide every week also the fare it will charge.
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
q.consider two firms each of which is issued three marketable pollution permits. for firm h the marginal cost of
In the aggregate expenditure model, assume that the consumption function is given by C = 800 + 0.8 (Y - TP), that planned investment. I. equals 200, and that the government purchases, G, and taxes, TP, each equal 200. Assume that there is no import o..
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant, could rising wage rates of women explain both phenomena? Explain.
A man is planning to retire in 20 years. Money can be deposited at 8%, compounded monthly.It is estimated that the future general inflation rate will be 3% compounded annually. What deposit must be made each month until the man retires so that he can..
Illustrate wow would the existence of such insurance affect the amount of clothing that people buy. How would you evaluate this change in behavior from the standpoint of economic efficiency.
Anti-poverty programs
An increase in the U.S. demand for the Mexican peso Select one causes an increase in the U.S. dollar price of a Mexican peso. causes the Mexican peso to appreciate. causes the U.S. dollar to depreciate. causes Mexican goods to be relatively more expe..
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
Which of the following groups are likely to have the highest tax elasticity of labor supply: a) college students, b) single parents, c) primary earners in two-parent families, d) secondary earners in two-parent families, or e) retired people with ave..
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