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Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she must have exactly four spoonfuls of coconut oil for each cup of coffee. Let C be the number of cups of coffee, and O be the number of spoonfuls of coconut oil. Also, let PC be the price of a cup of coffee. Suppose Lynn has $12 to spend on coffee and coconut oil. Also, the price of coconut oil is $.10 per spoonful.
Graph Lynn's Price consumption curve for prices, PC = $.60, PC = $.80, and PC = $1.10. Please put the number of cups of coffee (C) on the horizontal axis, and the number of spoonfuls of coconut oil (O) on the vertical axis. Be sure to label your graph carefully and accurately.
Show me the work and exact points to draw the graph.
Consider the two-period optimization problem when income in the second period is zero and the individual is a borrower. Suppose that interest rate declines. In a graph, identify the Hicks income and substitution effects of the interest rate change on..
The wage elasticity of labor supply for women aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual chara..
question 1 nbspa group of rogue french farmers has gone on a furious egg breaking rampage destroying tens of thousands
Explain supply, demand, equilibrium, surplus and shortage. Explain the non price determinants that can shift the supply and demand curves. Explain the concepts of price ceilings and price floors.
In the Solow growth model, suppose that the per-worker production function is given by y=zk^0.3, with s=0.25, d=0.1, and n=0.02. Suppose that in country A, z=1. Calculate per capita income and capital per worker. Suppose that in country B, z=2. Calcu..
If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.
Identify and explainthree arguments against heavy government intervention in an economy - What prompted greater intervention by the German government in 2009?
Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in..
A monopolistic competitor wishing to maximize profit will select profit will select a quantity where: If a firm is producing a quantity where marginal revenue exceeds marginal cost, the firm should ____existing levels of production, in order to____. ..
The tragedy of the commons is an economics theory by Garrett Hardin, according to which individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting..
Currently a firm pays 10% of each employee’s salary into a retirement account, regardless of whether the employee also contributes to the account. Some people at the firm think this change will lead employees to save more and therefore to be able to ..
You are planning to save $1 million for retirement over the next 30 years. If you are earning interest at the rate of 6% and you live 20 years after retirement, what annual level of living expenses will those savings support?
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