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The local swimming pool charges nonmembers $10 per visit. If you join the pool, you can swim for $5 per visit, but you have to pay an annual fee of $F. Use an indifference curve diagram to find the value of F that would make it just worthwhile for you to join the pool. Suppose that the pool charged you exactly that value, would you swim more or less than you did before joining? Use income and substitution effects to explain your answer. In what sense will joining the pool be a commitment to getting more exercise?
By how much has the money supply increased or decreased? If the money multiplier is 5, how much money will ultimately be created by this event?
Elucidate how the necessity of a good and the availability of substitutes impact the price elasticity of the product. The product is beef.
Compare and contrast pure discount bonds with coupon bonds and provide at least one example of such government or corporate bonds that can be bought and sold by investors. Describe the way interest rates are determined for these bonds by using the ap..
Suppose that there are two products: clothing and soda. Both Brazil and the United States produce each product. Brazil produces 100,000 units of clothing per year and 50,000 cans of soda
Explain why does price equal marginal revenue for the purely competitive firm. what is the relationship to the demand curve for the firm.
What determines price elasticity of demand for a product. key determinants of price elasticity of demand are as follows: i. Availability of close substitutes- gas stations across street, very elastic.
Suppose that the pre-tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the government. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax bur..
Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Who should specialize in gathering nuts? Monk or Chip? both? or neither?
Elucidate the concept of the multiplier, and explain the role of the marginal propensity to consume in determining the size of the multiplier.
Why do you think macroeconomists focus on just a few key statistics when trying to understand the health also trajectory of an economy.
Assume that Costa Rica has leakages from its macro economy so that only 80% of every dollar spent there is spent again there. What is the recessionary spending gap, or the proper amount of spending "medicine" to inject to achieve full employment unde..
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
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