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Suppose that a consumer can purchase apples for $1, and bananas for $0.50. The consumer is willing to spend $10/week on fruit.
a) Draw the consumer’s budget constraint, showing the different combinations of apples and bananas that can be purchased for $10.
b) If that consumer is you, what combination of fruit would you purchase, and why?
There are two stocks in an economy. If you buy a share of stock A, you have a 60% chance of getting $50 next year and a 40% chance of getting $30. Stock B has a 10% chance of getting $200 and a 90% chance of getting $31. Assume both stocks cost the s..
Dirt Diggers (DD) is a firm that excavates roadside ditches to lay drainpipe. Its output follows the production function: Q = 10L − 0.1L 2 , where L denotes labor hours and Q the length of the ditch in meters. The marginal product of labor is MPL = 1..
Assuming that the real costs of college education are lower now than at the turn of the century and that these costs are lower for persons of higher ability, construct an explanation for why banks might have raised their hiring standards"
they have the same demand curve for computer services. Use a graph to illustrate the overall value of computing services to the consumer. What does this imply about the profit maximizing price HAL can charge for the computer hardware.
Market failure is the inability of
It is estimated that the maintenance cost on a used car will be $300 the first year. Each subsequent year, the maintenance cost will increase by $50. At an interest rate of 6% per year, what is the equivalent equal uniform annual cost of maintaining ..
Your economics professor assigns a group project for the course. Describe the free-rider problem that can lead to a suboptimal outcome for your group. To combat this problem, the instructor asks you to evaluate the contribution of your peers in a con..
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
By examining the t-statistics associated with the regression coefficients, at the 5 percent significance level, which of the two independent variables are statistically different from zero?
In your own words, explain what corporate social responsibility (CSR) is. Name two examples of social responsible companies you know and explain why you consider them so.
What happens if the price floor is above the equilibrium? and what happens when price ceiling is below the equilibrium?
Consider a new per-worker employment tax on workers (where previously there was no tax). Outline the consequences of this tax on the local labor market. Use appropriate, clear, and well-labeled diagrams. In your answer show (1) the burden of the tax ..
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