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Jim Range has to choose between buying more soda or more pasta for the week. He has a fixed income and he knows the prices of both products. Using indifference curves and budget constraints, illustrate the amount of soda and pasta that Jim will purchase. When he gets to the store, he finds that the price of soda has fallen dramatically. How does this change his optimal purchase? Can a general rule of human behavior be developed from this graphical example?
It is said that sufferers of a cold virus experience symptoms for 7 days. However, the amount of time is actually a normally distributed random variable whose mean is 7.5 days and whose standard deviation is 1.5 days. A) What proportion of cold su..
“We saved 17% of our disposable income during the recession, the highest rate since World War II. The level of savings has fallen off since then to less than 10% of disposable income.” a)Would the higher savings rate eased or exacerbated the recessio..
Can firm losing money go out of business in the short run? If it can’t, explain why not. On what basis does a firm decide whether or not to shut down? On what basis does it decide whether or not to go out of business? If the perfect competitor is los..
First determine the tax issue. Then research the issue and determine your conclusion. Fred Fisher is a licensed scuba diver who lives in Key Largo. He is employed full-time as an engineer. Five years ago he had been employed as a professional diver ..
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approxim..
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form equilibrium (for simplicity and reality, assume that prices are quoted in units no small..
If an investor wants a portfolio risk with .1, then what proportion of her portfolio wealth should she invest in the stock, and what proportion should she invest in the risk free asset with Rf=.07? What will be her portfolio expected return? Standard..
The Ivy League schools defended their price-fixing arrangement (see p. 253) by arguing that their coordination assured a fair distribution of scholarship aid. Who was hurt or helped by this arrangement?
China's entry into the World Trade Organization (WTO) in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What impact do you think the import quota reduction likely had o..
The recent recession seems to be ending, the number of people with jobs is expanding, and it appears that wage levels are beginning to increase. Against that background, assume that you own a perfectly competitive company that makes a popular line of..
How reliable is the Internet as a source of information for your research? What are the ways you can validate information that you find on the Internet? Why is this necessary? Use examples from the Information Literacy module you reviewed this week.
Illustrate what whould be the appropriate elasticity to compute. Using the midpoint method, compute this elasticity.
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