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In some communities water is priced according to a "two-tiered declining block method." According to this scheme, an individual pays an initial minimum charge, which entitles her to a specified quantity of water. After she exceeds this specified quantity of water, she is subject to "declining block pricing"-as more water is purchased, the price per gallon drops.
a. In a diagram with gallons of water on the horizontal axis and all of other goods on the vertical, sketch the budget constraint associated with this scheme. (You do not have enough information to know the exact slope and intercepts. Just sketch a constraint that is generally consistent with this scheme.)
b. Given that an individual has paid the initial minimum charge, do you expect her to consume less than the amount to which the minimum charge entitles her? To answer this question properly, you need to superimpose some indifference curves on the same diagram as the budget constraint. According to your diagram, can an amount less than that to which the minimum charge entitles the individual ever be part of a utility-maximizing bundle?
Ricardo believed that the target of economic analysis was to understand the distribution of income between three major classes: capitalists, workers, and landowners.
Describe supply and demand, major reason(s) for the price increases and fluctuations, and international factors, if applicable. You should use at least four references.
Explain how would you respond to this question. Explain how might the bank tie in the concept of utility maximization into the campaign.
Elucidate marginal prices do Universities incur by offering more than one of the same classes
Illustrate what factors led to the mortgage default crisis. How did mortgage defaults affect banks involved in mortgage lending and mortgage investing.
a. Describe a situation where prices have been held out of equilibrium due to government intervention in the market-the obvious ones discussed in the text are rent control and agricultural subsidies. You may use a specific example of one of these,..
Can you find an example of natural resource policies (in the USA or elsewhere) that attempt to achieve efficient rates of harvest for renewable resources?
Explain in detail how a decrease in consumer demand for a product will result in less of the product being produced and in fewer resources being allocated to its production.
As seen during financial crisis of the 1930s and in history, markets are globally interconnected. Aside from financial markets, different countries have different resources.
Utilize the equation to give as much information as possible about the demand for potatoes.
The stock of ABC Corporation will go ex-dividend tomorrow. The dividend will be $0.50 per share, and there are 20,000 shares of stock outstanding.
Assume demand and supply conditions in the competitive market for unskilled labor are as follows.
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