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Suppose Shiva has preferences different from those discussed in class, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indifferent. If he consumes more bread than milk, however, every time he gives up 1 unit of milk he requires 2 additional units of bread to remain indifferent. A. With the quantity of milk (QM) on the vertical axis and the quantity of bread (QB) on the horizontal axis, sketch a representative indifference curve for Shiva. B. What is Shiva’s marginal rate of substitution at any bundle where QM > QB? What is Shiva’s marginal rate of substitution at any bundle where QM < QB? C. Suppose the price of bread equals 1, the price of milk equals 1, and Shiva’s income is 100. How much milk and bread will Shiva consume in order to maximize his utility? Provide a graph to illustrate your answer. D. Suppose the price of bread increases to 4, while the price of milk and Shiva’s income remain at the values in part B. How will this affect (i) Shiva’s optimal choice of milk and bread and (ii) his utility (i.e., will his utility increase, decrease, or remain the same)? Provide a graph to illustrate your answer.
An interest rate of 10% compounded continuously is desired on an investment of $15,000. How many years will be required to recover the capital with the desired interest if $2,030 is received each year? (Please show formula used and work)
Do you think the NRA is justified in its actions toward the CDC? Do you think the CDC should pursue gun-related injury research? The NRA contends that the CDC had an anti-gun agenda and that it was playing politics with the research. Does this alter ..
Why does the Fed manipulate the money supply ? Why might a price "freeze" help monetary policy to succeed?
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. If Kath buys only pizza, how many can she buy? Formulate the intercept-slope equation of Kath’s budget l..
Compare the costs and benefits of regulation. In your opinion, do the benefits outweigh the cost or do the costs outweigh the benefits? What are the advantages and disadvantages of deregulation?
There are many brands of laundry detergent, all equally effective. Would you expect the elasticity of demand for any particular brand to be high or low? Explain.
As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
Many students are surprised to learn that employees may be fired for any reason not expressly prohibited by the law. As we have seen, the law requires employers to accommodate a fairly wide range of employee behaviors and conditions. However, there a..
q1. assume which chenyu expects his income to be 50000 per year until she retires. in addition he has accumulated
From a geographical standpoint, why is space, as in usable area on earth, so integral to the survival of Capitalism as an economic system?
Which of the following statements about oligopolies is not correct? Which is true of an oligopoly market that reaches Nash equilibrium? Which of the following situations produces the largest profits for oligopolists?
Large-demonic country time deposits $ 304 billion Currency also coin held by nonbanking public 438 billion Checkable deposits 509 billion Small-demonic country time deposits
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