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During a recent major recession, upscale hotels cut their prices by 25 percent in an effort to bolster dwindling occupancy rates among business travellers. A survey indicated that businesses were becoming wary of bad economic conditions and began resorting to electronic media to transact business. Suppose a firm's budget permits it to spend $6,000 per month on either business travel or electronic media to transact business. If the price of business travel is $1200 per trip and the price of electronic media is $600 per hour, illustrate the firm's budget constraint. Now illustrate this firm's budget set after the price of business travel is reduced by 25 percent. Suppose that, after the price of business travel drops, the firm issues a report indicating that its marginal rate of substitution between electronic media and business travel is -1. Is the firm allocating its resources efficiently?
Beside temperature, can anyone help me list other examples where similar averages can be associated with very different distributions?
Define and graph your budget set in terms of leisure (equal to non–worked hours) -Good 1- and ”money spent on every other good” -Good 2-. Assume that above 40 hours per week you get an overtime hourly rate of $16(B + 1) per hour. Define and graph the..
What does the term Democracy mean and where is it from? Why is it relevant to our understanding of U.S. Politics? Why is it important? How does it help us think about politics—either meaning “who get’s what, when, and how” or “the process of improvin..
A building contractor buys 70?% of his cement from supplier A and 30?% from supplier B. A total of 85?% of the bags from A arrive? undamaged, and a total of 95?% of the bags from B arrive undamaged. Find the probability that a damaged bag is from sup..
Explain how the Bank of England provides liquidity in the money markets.
A detriment to economic growth: According to the principle of comparative advantage, trade between two countries will benefit:
I understand that inflation has an impact on the foreign direct investment. But can the opposite be true? The amount of foreign direct investment has an impact on the inflation of the country that receives the investment?
Sandstone Corp has one manufacturing plant that operates on a single-shift/5 day workweek. The plant operates at full capacity (24000 units per week) WITHOUT overtime or extra shifts. At what volume of additional unit output does it make sense to ope..
The City of Ocelot has received three proposals for the development of currently vacant land near a freeway exit and about a mile from the nearest residential neighborhood. In particular, what are some matters suitable for quantitative analysis that ..
q.to purchase a house that cost 250000 adriana lopez made a 25000 down payment. she financed the remaining 225000 using
Choose one essay below and write at minimum a 5 paragraph essay (WITH EXAMPLES) APA style Minimum 2 sources excluding the text book. Make a case that either the government works or the government doesn’t work. What is the relationship between fixed c..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. Draw several indifference curves to illustrate Carl's preferences. Are Carl's preferences co..
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