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Assume George has a budget of $6/week to spend on lollipops and gumballs, and that the price of lollipops is $1.
a. If George spends his entire budget on gumballs (and buys no lollipops), he can afford to buy 12. What must the price of gumballs be?
b. Draw this individual's budget constraint for lollipops and gumballs.
c. Assume George gets the utility given in the table below from consuming these two goods. Fill in the rest of the table, calculating the marginal utility as well as the marginal utility per dollar spent for each good.
Demonstrate the static result by using a standard form payoff matrix and explain the result. To sustain a collusive solution using a trigger strategy, what must the discount/interest rate be in order to make collusion profitable?
Explain whether or not each of the following should be considered a variable cost that increases with each additional airline seat sale
What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit? How does a single-price monopoly determine the price it will charge its customers? What is the relationship between price, marginal rev..
Consider the table below when answering the following questions. For hypothetical economy, the marginal propensity to save is constant at all levels of real GDP, and investment spending in autonomous. Complete the table. What is the marginal propensi..
Sue and Meg have begun operating a house cleaning service for the purpose of earning enough money to travel to Europe. After six months, they had saved enough for their trip, so they stopped operating their business. What is the nature of their busin..
Your first paragraph should discuss what the part of the model of the market gave you the biggest fits (but it cannot be "everything"). In this paragraph, include specifics about what it is that you don't understand as well as you would like. 2. In t..
q.you are thinking of investing in a field which may have commercial oil amounts. depend on the existing data of the
Which of the following is NOT a characteristic of a perfectly competitive market? A market failure is a situation in which:
A firm's current profits are $750,000. These profits are expected to grow indefinitely at a constant annual rate of 5 percent. If the firm's opportunity cost of funds is 8.5 percent, determine the value of the firm
What is the best practices frontier? How does this relate to competitive advantage? Explain why rent seeking competition tends to dissipate rents-to drive them down so that there are no abnormal rents?
Complete a SWOT (Strengths, Weaknesses, Opportunities & Threats) Analysis of a private, government funded or non-profit hospital within your state (Northwestern Memorial Hospital,IL).
Consider the causes of the deficits also surpluses also provide your own insight as to whether these surpluses or deficits have a "positive" or "negative" effect on our economy.
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