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Utility-Maximizing Rides and Games. Suppose the price of amusement rides is $2 and the price of a video arcade game is $1. The following table shows points on the budget line (given an income of $30) and the associated marginal utilities. Fill in the blanks in the table. Then draw the budget line and find the utilitymaximizing combination of rides and games.
What sum should you deposit into an account to yield 20 year end payments, starting with $10,000 at the end of the first year and increasing by 4% each year at an interest rate of 8% compounded quarterly
Mary Lannoy plans to save money at her bank for use in August. She will deposit $50 a month, beginning on January 1 and continuing through August 1. If the bank pays ¾ % interest each month, how much money will she receive on August 1
A special power tool for plastic produces costs 400, has a 4 year useful life, no salvage value and a 2-year-before tax payback period. Assume uniform annual end of the year benefits. A. Compute the before tax rate of return
You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction: For each hour of work, the employer deducts $1 and sends the money to the city govern..
suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..
The income elasticities of demand for movies, dental ser- vices, and clothing have been estimated to be 13.4, 11, and 1.5, respectively. Interpret these coefficients. What does it mean if an income elasticity coefficient is negative
How many hours per day will she choose to work?
Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=1000-4Q.where Q=q1+q2 is the total output of the two firms.
Moe's income is $320 per week and he spends it on two goods, X and Y. Good X costs $8 and good Y costs $4 per unit. His utility function is U = 4.5XY. (a)Calculate Moe's utility-maximizing purchases of X and Y.
Suppose there are two countries in the world, US and Japan. There are Americans in Japan, and Japanese in the US. Within the US, the market value of all the final goods and services produced by Americans is $200 billion,
You need a loan to purchase new equipment. The loan will be paid off over 8 years with payments made at the end of every quarter.
In contrast, macroeconomics is concerned with things that affect the country as a whole, such as how the rate of teenage smoking in the United States would be affected by an increase in the tax on cigarettes."
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