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David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce). Bread is provided free of charge by a concerned neighbor. David is a picky eater and makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanut butter. He is set in his ways and will never change these proportions.a) How much peanut and jelly will David buy with his $3 allowance per week?b) Suppose the price of jelly increases to $0:15 per ounce. How much of each commodity would be bought?c) By how much should David?s allowance be increased to compensate for the rise in the price of jelly in part b?d) Graph your results of part a through part c.e) In what sense does this problem involve only a single commodity? Graph the demand curve for this single commodity.f) Discuss the results of this problem in terms of the income and substitution e¤ects involved in the demand for jelly.
Illustrate what is the likelihood all four of the selected flights arrive within 15 minutes of the scheduled time.
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
Illustrate what price should he charge each group if he needs to maximize revenue collected from ticket sales.
Illustrate what amount of profit does the industry fail to pick up by refusing to increase output by one unit
. What do you think of Coca-Cola's environmental initiatives? Are they just window dressing , or does the company seem to be sincere in its efforts?
Explicate 2 important indicators the Federal Reserve System will use to analyze this particular economic situation.
Explain how you were to learn that a bottle of Gatorade rise in size from 2009 to 2010, should that information affect your calculation of the inflation rate.
write down expression for marginal revenue. choose the quantity and the price to maximize profit, assuming firm can only charge one price.
Find out the CPI in the subsequent year also the rate of inflation between the base year also the subsequent year.
If the IS curve does not shift when autonomous consumption increases by $100 MM and autonomous taxes increase by $200 MM, what can we infer about the marginal propensity to consume?
The advent of personal computers also word processing software which eliminated the market for electric typewriters would be an example
Some economists have suggested that the best way to control medical costs is to remove the profit incentive for health care providers, particularly hospitals.
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