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1. Budget Constraint.
Antonio buys 8 new college textbooks during his first year at school at a cost of $50 each. Assume that he buys only new books. Used books cost only $40 each. When the bookstore announces that there will be a 20-percent price increase in new texts and a 10-percent increase in used texts for the coming year, Antonio's father offers him $80 extra. Is Antonio better off or worse off after the price change? (Hint: draw Antonio's budget lines before and after the price increase.)
Now suppose Antonio was also buying some old books before the price increase. Does your answer change?
2. Budget Constraint.
Rashid is a frequent flier with a major airline. His fare is reduced by 25 percent after he flies 30 000 km per year and then to 50 percent after he flies 60 000 km per year. Draw Rashid's budget constraint.
3. Budget Constraint
Alan consumes both tea and coffee. His weekly budget for coffee and tea is $10. Tea always costs $1 per cup. Coffee is normally $2 per cup. This week Alan's cafeteria runs a promotional campaign: if Alan buys 3 cups of coffee he gets the fourth for free. Draw Alan's budget constraint with such promotional campaign.
Several eminent economists have defined this subject in accordance with their different understanding or realization of economic problems.
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A major step toward mastering the economic way of considering is learning to reason in terms of supply and demand. I have listed many questions below to answer and practice these ideas.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
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Current economic theory and their application or lack of application to contemporary economic problems
During the job interview, the Vice President understood that you had received rigorous training in managerial economics, and you were able to choose some appropriate methods to predict the market movement.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
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