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Upscale hotels in the United States recently cut their prices by 20 percent in an effort to bolster dwindling occupancy rates among business travelers. A survey performed by a major research organization indicated that businesses are wary of current economic conditions and are now restoring to electronic media, such as the Internet and the telephone, to transact business. Assume a company's budget permits it to spend $5,000 per month on either business travel or electronic media to transact business. Graphically illustrate how a 20 percent decline in the price of business travel would impact this company's budget set if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour. Suppose that, after the price of business travel drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel is -1. Is the company allocating resources efficiently?
Suppose that preferences over private consumption C and public goods G are such that these two goods are perfect substitutes, that is, the marginal rate of substitution of public goods for private goods is a constant b>0. Determine the optimal qua..
WASHINGTON-Less than one month after President Obama took office, Congress last night passed his flagship proposal, an unprecedented collection of tax cuts and new spending that Democrats say offers the country its best hope to stave off an impend..
Suppose that the U.S. dollar-pound sterling spot exchange rate equals $1.60/£, while the expected future rate is $1.64/£. The yield on a one-year U.S. Treasury bill is 9% and on a one-year U.K. Treasury bill the yield is 8%.
Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or long-term productivity in the U..
Exam: 050476RR - EXTENSIONS AND ISSUES; INTERNATIONAL ECONOMICS - The very poorest low-income developing countries typically have relatively and which one of the following groups of economists is most likely to favor annually balanced federal budgets..
The U.S. government imposes a price floor for U.S. sugar that isabove the market clearing price. Illustrate the U.S. sugarmarket with the price floor in place. Discuss the effects of the price floor on conditions in the market for sugar in the Uni..
The U.S. at the end of World War II stood as the world preeminent superpower, with new discovered political and economic wealth. To what degree, if any, has U.S. ascendancy on world stage affected notions of federalism?
Assume that the government wishes to rise Social Security taxes by $1 per hour of work and is undecided between rising the tax on employees and rising the tax on workers.
Labor unions face many challenges-including changing technology, foreign competition, and declining membership. But one union occupation thrives-dockworkers. The 100,000 members of the two longshoremen unions handle nearly every item or shipping c..
(Depository Institutions) What is a depository institution, and what types of depository institutions are found in the United States How do they act as intermediaries between savers and borrowers Why do they play this role
The United States and most other countries abandoned the gold standard during the 1930s. Why would the 1930s have been a particularly difficult time for countries to remain on the gold standard Do you agree or disagree with Congressman Ron Paul ..
A firm purchases capital and labour in competitive markets at prices of r=$6/machine-hour and w=$4/labour-hour,respectively. With the firm's current input mix, the marginal product of capital is 12kg/machine-hour and the margi..
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