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Suppose a customer is able to consume the following bundles of rice and beans when the initial price of rice(x) is $5 and the initial price of beans(y) is $10. This consumer's initial income is $100 dollar.
a. Derive slope, y-intercept, and x-intercept with following budget contraint condition. Find out both general solution and real number using the numerical method
b. Draw the budget contraint of the consumer
c. Now, assume that the price of rice goes up to $10 and the price of beans goes up $20. Find out the new budget constraint after the price change, You can show on the graph above,
The aggregate demand curve portrays the relationship between price level and real GDP. What are the three reasons this relationship is a negative or inverse relationship? Provide brief illustrations of each. What role do imports play in aggregate dem..
All other things being equal which of the following is not likely to lead to faster growth of GDP per capita if we assume diminishing marginal product of capital improving government starting poorer higher savings rates higher population growth
In testing whether the means of two normal populations are equal, summary statistics computed for two independent samples are as follows: Brand X Brand Y n1=20 n2=20 x1 bar 7.30 x2 bar=6.80 s1=1.10 s1=1.15 Assume that the population variances are equ..
A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, they believe that 35% of new purchasers in the market will ultimately try this brand. Calculate the long-run market share that the ..
What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP? Based on the table, what calculations must you make to determine GNP from GDP? What is national..
If the value of jan's retirement portfolio increased from $210000 to 489000 over a 14 year period with no deposits made to the account over that period, what annual rate of return did she make?
Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2.25 per gallon and the equilib..
What can be accomplished about the impact of transportation costs on the price of the traded product in each trading nation.
The reading summarizes powers granted by the Constitution - some powers are granted to the Federal government, some powers are granted to state and local governments, some powers are shared. After reviewing the assigned material on these powers, choo..
Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the same value for GDP? Explain why real GDP is a more reliable estimate of economic growth than nominal GDP.
A drought in Alberta and Saskatchewan has made grain, and therefore cattle feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. As it happens, the slaughter of beef cattle has coinci..
There are numerous interest groups influencing government action in the United States today. Given your personal situation, interests, activities, and aspirations, list five special interest groups, which you might consider actively supporting, at le..
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