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Assume that an individual has 80 hours per week that can be distributed between two normal products work and leave ( leisure ) . Draw a bid curve for an individual who can earn a maximum of £ 10,000 per week if the individual does not have any leave ( leisure ) and earns zero kronor if the individual has 80 hours off per week . Draw a indifference curve tangent to the budget line and show how individuals divide their time between work and time off . Suppose now that the salary has increased dramatically, and the individual can earn up to £ 15,000 per week for 80 Timmers work. Analyzing the situation, how the individual will allocate their time. If we now assume that the leave is a inferiorvara to the individual how the individual would divide his time after the salary increase .
The PSNOI company manufactures blue and white sweatshirts. This week the price of the sweatshirts increased from $90 to $100. The quantity sold decreased from 200 to 173. Is the change in price elastic, inelastic, or unitary? [Show your work and expl..
A project that provides annual cash flows of $11,600 for 9 years costs $64,230 today. If the required return is 5 percent, the NPV for the project is $ and you would (Click to select) accept reject the project. At a discount rate of percent, you woul..
A simple random sample of 60 items from a population with = 9 resulted in a sample mean of 33.
You are the manager of BlackSpot Computers, which competes directly with Condensed Computers to sell high-powered computers to businesses. How much will this process improve BlackSpot's profits.
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
A monopolist operates in an industry where the demand curve is given by Q=1000-2p. The monopolist's constant marginal cost is 8 dollars. What is the monopolist's profit maximizing price? How much does the monopolist produce? What are its profits?
Calculate dollar rates of return on a deposit 10,000 pounds in a London bank in a year when interest rate on pounds is 10 percent and dollar/pound exchange rate moves from 1.50 dollars per pound to 1.38 dollars per pound.
Horsehead, Massachusetts lies on a bay inhabited by lobsters. The town council issues permits for trapping lobsters and is trying to determine how many permits to issue. Graph the marginal revenue and marginal cost curves for operating a boat. Suppos..
The Fed attempts to increase the money supply to stimulate the economy, but plants are operating at 65 percent of their capacities and businesses are pessimistic about the future.
What is an absolute advantage? What is a comparative advantage? Give an example where you have an absolute but not a comparative advantage. Why should we specialize and trade?
Suppose the price level and value of the U.S. dollar in year one are 1 and $1.00, respectively. If the price level rises to 1.25 in year two, what is the new value of the dollar? If, instead, the price level falls to 0.50, what is the value of the do..
In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Shou..
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