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1. Draw some hypothetical indifference curves for John Q. Public on a diagram identical to the one you constructed for Test Yourself Question 1.
a. Approximately how much gasoline and how many hot dogs will Mr. Public buy?
b. How will these choices change if his income increases to $140? Is either good an inferior good? c. How will these choices change if gasoline price rises to $3.00 per gallon?
2. Explain the information that the slope of an indifference curve conveys about a consumer's preferences. Use this relationship to explain the typical U-shaped curvature of indifference curves.
consider the production function flk l k.a. suppose k is fixed at 2. find algebraic expressions for the total product
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is..
If taxes were cut by $200 billion, the resulting spree would amount to Initial increase in consumption = 0.75 3 $200 billion = $150 billion ( a ) By how much does consumer saving increase initially ( b ) How large is the initial spending injection
Consider a product, the market price of which is $5, and the individual consumer's demand function is
Answer in an essay between 750 and 1200 words.How does the music of the Classical Era differ from the music of the Baroque? In your answer, be sure to discuss such concepts as accessibility, melody, dynamics, structure, and cadence.
Consider the inter-temporal model of consumption of a household who has a first period income of 300 and a second year income of 330. The interest rate is 10%. The household saves 100 in period one. a) Write the budget constraint of period one and..
What type of unemployment is affected when online job search engines reduce the time necessary for job searches? Does this outcome affect the natural rate of unemployment? If so, how?
It is estimated that a mineral deposit will produce 27,000ton in the coming year and 34,300ton in the subsequent year. It is expected that for the first 12 years the production patter will be of the type V.e^α.k
freedonia a legendary country1 consumption function c 1000 0.95y2 investment function i 4003 ae c
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
In city A, the value of an apartment falls in direct proportion to its distance from the business center. Thus an apartment one kilometer away will lose 20 percent of its value and an apt 2 kilometers away will lose 40 percent of its value.
The market for qbits is initially competitive and the market demand is: P = 400 - 0.4QD . The combined marginal costs of the firms in the qbit industry are:MC =50 + 0.6Q. Calculate and show how much these firms will sell and what they will charge.
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