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Assume that Amy views right shoes and left shoes as perfect complements: a left shoe will not increase her satisfaction unless she can obtain the matching right shoe. Give a utility function that represents Amy's preferences.
Suppose that she has $286 to spend on shoes. Assume that a right shoe costs $60 and a left shoe costs $50. What is Amy going to do? [assume that it makes sense to buy fractions of a shoe, such as half a shoe]. Show the budget set, the indifference curves and the optimal point in a graph.
Pop-O Popcorn, Inc. sells bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, Cara estimates the demand for flavored popcorn to be.
After correcting the sign in the demand function, what is price elasticity of demand for movie tickets and what is the income elasticity of demand for movie tickets?
assume that country a has a population of 500000 and only produces 1 good cars. country a produces 100000 cars per
How does the multiplier tell us the impact of a change in government spending?
Suppose the economy is significantly weakened, real GDP is far below potential GDP, and the unemployment rate is high. The Federal Reserve is concerned.
Uncertainty and Expected Utility - Suppose your current wealth is $160,000. What is the expected return on the "angel" investment
1. regulators are considering controlling the emissions from two local power plants. the marginal benefits the
the following claim is often made with respect to per unit taxes imposed on some good or service the producers will
If cola and iced tea are good substitutes for customers, then it is probable that: __________ is the change in what is on the horizontal axis (quantity) divided by the change in what is on the vertical axis (price).
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
Economics 12th edition, Chapter 22 P. 485 asks which of the following transactions are included in gross domestic product, and by how much does each raise GDP? Smith pays a carpenter $50,000 to build a garage
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
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