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Boris budgets $40 week for his morning coffee with milk. He likes it only if it is prepared with 3 parts coffee, 2 part milk U= min{3/2M,C}. Coffee costs $2/oz, milk $1/ oz. (For the questions below, show your work briefly)
A. How much coffee and how much milk Boris buy per week?
B. How much coffee and how much milk Boris per week if the price of coffee rises ro $6 / oz?
C. Graph the two budget constraints and the two optimal bundles with coffee on the x-axis. On the graph, show how much of the total change is due to the income effect? How much to the substitution effect?
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
What is the monopolist's profit maximizing level of output and what is the profit-maximising pricing strategy among the options
How does a price ceiling undermine the rationing function of market-determined prices? How could rationing coupons insure that consumers with the highest values get the limited amount of a good supplied when government prices ceilings create shortage..
large-scale wars typically bring a suspension of international trading and financial activities. exchange rates lose
suppose that you are in charge of designing a product campaign for a new shampoo. this campaign will include among
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Severin, the herbalist, is famous for his hepatica. His total cost function is c(y) = y^2+10 for y>0 and c(0)=0. (That is, his cost of producing zero units of output is zero.) What is his marginal cost function? What is his average cost function?
According to the Wall Street Journal, merger and acquisition activity in the first quarter of 2004 rose to 5.3 billion- an investment level not seen since the second quarter of 2001. Approximately three fourths of the 78 first quarter deals occurred ..
the multiplier effect means that a given change in autonomous expenditures answer a. will change equilibrium income by
1.consider a monopolist that can practice first-degree price discrimination. assume that marginal costs are constant
Suppose instead that the price of DVDs is $20. Now what is the profit-maximizing quantity of DVDs that Bob should produce? What will his total profit be now? Will he produce or shut down in the short run? Will he stay in the industry or exit in the l..
Analyze the following statement: "In 1975, the official price of gold was abolished as the unit of account for the international monetary system. As a result, gold was demonetized as an international reserve asset."
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