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A student's income is $50. Lunch at the cafeteria costs $5, and movies at the Student Union cost $2 each.
(a) Draw the budget line to scale, with lunch on the vertical axis; insert some regularshaped smooth convex indifference curves, and choose the tangency equilibrium, denoted by E0.
(b) If the price of lunch falls to $2.50, draw the new budget line. What can be said about the new equilibrium relative to E0 if both goods are normal?
(c) If the price of movies also falls to $1, draw the new budget line and illustrate a new equilibrium.
(d) How does the equilibrium in part (c) differ from the equilibrium in part (b)?
Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be?
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Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt.
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On July 1, Sarah Engineer paid $600,000 for a commercial building and an additional $150,000 for the land on which the building stands. Compute the UCC at the end of year 2. CCA rate for buildings is 4%.
Assume the company orders printer paper in truckloads of 10,000 boxes every 3 weeks. They pay $20.00 per unit and it costs $200 to place the physical order. In addition, the cost of capital is 20% per year and the annual holding cost
Compared to last year, more television sets are being bought while the selling price has fallen. This could have caused by:
In order to have money available for replacing their family vehicle, a couple planned to have $220,000 available in 10 years by investing. If they plan to increase their savings by 10% each year, how much must they invest in year 1 if they expect ..
the neighboring towns of Arlington and Belmont are trying to decide in which locality to site a new waste incinerator. The towns will share the benefits of the facility and also share the costs. each estimates its net benefit from the incinerator ..
qd=1000-5p mr=200-0.4q marginal cost is constant at $20. The firm is considering quantity discount. The firs 400 units can be purchased at $120 and further units at $80. How many units will the consumer buy in total
Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or a shortage Of how many u..
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