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1. Kristina, a former actress, spends all her income attending plays and movies. She likes plays exactly three times as much as she likes movies. She earns $120/month.
(a) If play tickets are $12 each and movie tickets are $4 each, how many plays will she see?
(b) If play tickets are $12 each and movie tickets are $5 each, how many plays will she see?
2. Charles budgets $9/week for his morning coffee with milk. He likes it only if it is prepared with 4 parts coffee, 1 part milk. Coffee costs $1/oz, milk costs $0.5/oz.
(a) How much coffee and how much milk will Charles buy per week?
(b) How will your answers change if the price of coffee rises to $3.25/oz, keeping everythingelse the same?
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equil..
One approach that government can use limit the right to pollute would be by issuing pollution permits. Without a pollution permit, compan's aren't allowed to emit pollutants into air,
What is the Herfindahl-Hirschman Index (HHI) for an industry in which five firms each control 20% of the market? a. 20; b. 100; c. 2,000; d. 5,000 33. Which of the following pieces of antitrust legislation banned tying contracts, limited mergers, and..
According to the Heckscher-Ohlin model, two countries can equalize wage differences by either engaging in international trade in goods or allowing skilled and unskilled labor to freely move between the two countries. Discuss whether this is true or f..
What are the essence of TRIP, TRIM and GATS agreements? What are the implications of these agreements for the development of LDCs?
Determine the point price elasticity of demand for Tweetie Sweeties. b. Determine the advertising elasticity of demand. c. What interpretation would you give to the exponent of N?
For each case below, please state if the person mentioned is unemployed for Frictional, Structural, or Cyclical reasons.
During the process of properly conducting a pat down of a man for weapons, an officer felt an object, which might have been a rock of crack cocaine. The officer was not positive of the identity of the object she felt.
A commercial bank has no excess reserves until a depositor places $5000 in cash at the bank. The commercial bank then lends $4000 to a borrower. As a consequence of these transactions the size of the money supply has
Section II A firm uses steel and aluminum to produce auto parts. The current input mix used by the firm is such that the marginal product of aluminum is equal to 800 units, while the marginal product of steel is equal to 500 units. how this firm coul..
In microeconomics we are concerned about markets being in equilibrium. This refers to the point at which price, supply, and demand, are in equilibrium. What it means to have a market in equilibrium, and how changes in supply or price would affect thi..
Peter, a single taxpayer, bought a house to use as a rental property on April 1, 2007, for $300,000. He moved into the house on June 1, 2013, and used it as his personal residence until August 1, 2014, when he sold it for $500,000. Recognized gain on..
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