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A consumer has a monthly budget of $100 for buying breakfast which he spends entirely on donuts (x) and breakfast burritos (y) from his favorite fast food restaurants. Donuts cost 50 cents each and Burritos cost $1 each.
a. Draw his budget line showing the points of intersection with the axes and the slope of the budget line. Find at least three combinations of donuts and burritos that he can buy with his budget.
b. If price of donuts goes up to 75c. and that of burritos goes up to $1.50, and he wants to get some extra money from his parents to keep his budget set the same as before, how much extra money would he need? ______________Explain your answer.
c. Draw his budget line if the donut shop gives him 5 free donuts just for coming in, assuming he can not resell the donuts for cash.
Your accountants tell you that it costs $400 to set up an immunization program at a preschool and immunize one child against polio. It will cost $460 to immunize 20 more children.What is the cost per child for these additional 20 children
Wage rigidity: Consider an economy with the following Cobb- Douglas production function: Y=K^(1/3)L^(2/3)The economy has 1,000 units of capital and a labor force of 1,000 workers. a. Derive the equation describing labor demand in this economy as a fu..
A firm has a production function Q=F(K,L) with the constant return to scale, where k is units of capital and L is unites of labour.Imput prices are r=$2 per unit of K and w=$1 per unit of L.When it produces 5 units of output,it uses 2 units of cap..
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Abc Inc. sells bike tires for $25. It's sales have averaged 8,000 units per month. Recently its closes competitor Efg Inc. reduced their price for bike tires form $35 to $30. A result Abc's sales declined by 1.500 units per month.A. what is the ar..
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Brainger, Inc., is purchasing new production equipment to support its facility expansion. The equipment will cost $175,000 in year zero, and it will generate $122,500 sales revenue in its first year of operation, $132,000 in its second year, and $..
Given the following equations, P=1000-10Q, MR=1000-20Q, and MC=400 Calculate the competitive equilibrium consumer surplus. Calculate the Monopoly-case (a) deadweight loss, (b) remaining consumer surplus,
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