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1. Patrick enjoys consuming chocolate but really detests broccoli. Describe the shape of Patrick's indifference curves for these two goods and explain your reasoning.
2. Jaime enjoys both iced tea and hot dogs. Explain why Jaime's indifference curves for these two goods must slope downward.
3. Mallory consumes a bundle of candy and cookies, spending all of her income. The price of candy is $1 and the price of a cookie is $0.50. At her current bundle, the marginal utility of the next bar of candy she could purchase is 12 utils and the marginal utility of the next cookie she could purchase is 6 utils. Should Mallory consume more cookies, more candy, or leave her consumption unchanged?
Explain how do efficiency techniques differ in short- versus long-run when attempting to maximize profits. Illustrate what specific incentives are used in your workplace to promote efficiency.
Evaluate the following statement: "when the economy is in equilibrium in the ws- ps model, there is only voluntary unemployment, because no agent has an incentive to change their behavior"
Assume that the reserve requirement is 20 percent. Also assume that banks do not hold excess reserves and there is no cash held by the public. The Federal Reserve decides that it wants to expand the money supply by $ 40 million dollars. If the Fed is..
The actual labor costs is 1/4 more than the budgeted labor costs, and the actual profit is 1/6 less than the budgeted profit. So, under management by exception, which costs deserve further explanation?
Exhibit 2-8 represents Robin Hood’s production possibilities frontier. Assume that he currently produce at point G inside the production possibilities frontier. He can produce more bows employing the existing resources more efficient. He can increas..
Ace Inc., an American multinational computer software company, has a large number of hierarchical levels. Each manager is responsible for a few employees and maintains a tight control on them. At Ace Inc., the time taken to make decisions is very hig..
Should a nation's income be distributed to its members according to their contributions to the production of total income or according to the members' needs?
Graph the Bens consumption function also find their households marginal propensity to consume.
It has been proposed that a government agency be charged with the responsibility for determining the amount of pollution
A stockbroker has proposed two investments in low rated corporate bonds paying high interest rates and selling at steep discounts (junk bonds). The bonds are rated as equally risky and both mature in 15 years. bond statevalue annual interest payment ..
For promotion to lieutenant, police officers in a city police department first have to pass a written aptitude test. This requirement was challenged in court by several black officers on the grounds that the test unfairly discriminated against blacks..
Which of the following market transactions of final goods and services are excluded from the computation of U.S GDP
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