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Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting.
(a) Graph the budget constraint.
(b) Find the best affordable bundle and add it to the graph with the relevant indifference curve.
MPC = 0.75. Calculate the spending multiplier and the tax multiplier. Spending multiplier = 2.5. Calculate the MPC and the tax multiplier. Tax multiplier = 4.0. Calculate the MPC and the spending multiplier
Explain why Blazo's performance from providing these services to ABC Company and other firms will decline if economic growth is reduced.
Using the Lagrangean multiplier approach calculate the optimal (i.e., service maximizing) combination of medical and social staff. Determine the optimal amount of service provided by BF.
Illustrate what do laws of supply and demand predict would be result of an immediate removal of minimum wage in terms of price of labour and quantity available.
Suppose c = wL + rK and q = L 1/3K 1/4 and perfect competition in all markets. Find the demand for labor and capital and the supply of q. If p = 8, w = 1 and r = 2, find the quantity supplied and the profits.
the variable expend is expenditures per student, in dollars, and math 10 is the pass rate on teh exam. The following simper regression relates math10 to lexpend= log(expend). Comment on what happens to the coefficient on lexpend. Is the spending coef..
A mineral rights auction is not the same as a common-value auction. An auctioneer is always indifferent between different kinds of auctions. The Dutch and first-price, sealed-bid auctions are strategically equivalent. An English auction always yields..
In her speech to the Australia-Israel Chamber of Commerce last year, Julia Gillard contrasted "the problems of Europe" with Australia's "position of strength in the world economy" (Editorial, Feb 2 2012, The Australian).
In what ways do you think their behavior would differ from comparable doctors in a not-for-profit hospital in the US?
Endowment effects. Surveys and experiments reveal that people sometimes demand much more to give up something that they have than they would be willing to pay to acquire it. To illustrate, contrast a situation in which people have an opportunity to “..
What is anticipatory repudiation? Why is it important to be able to identify this type of a breach? How does it benefit the non-breaching party? What are the elements of negligence? What kind of damages is available under a negligence claim?
Assume you are the plant manager for Crossroads Sign Company, which produces road signs in a market that approximates perfect competition. Due to a slow economy,
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