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Suppose that Omar’s marginal utility for cups of coffee is constant at 5.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 11 for the first doughnut he eats, 10 for the second he eats, 9 for the third he eats, and so on (that is, declining by 1 until per additional doughnut). In addition, suppose that coffee costs $1 per cup, doughnuts cost $1 each, and Omar has a budget that he can spend only on doughnuts, coffee, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Calculate the initial level of output per person, the growth rate of output per person also the level of output per person after 100 years.
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 6 units of labor, 8 units of land, 2 units of capital, and 1 unit of entrepre..
Yearly labor costs of a highway maintenance group are currently $420,000/year. If labor costs increase at a 12% rate and general inflation increases at 9%, determine for each of the next 6 years the labor cost in then-current and constant dollars.
The water industry in Springfield is competitive, with numerous buyers and sellers. What is the market equilibrium quantity?
Basil Robekins has an idea for a new type of ice cream cone made from candy bars (like Butterfinger, etc.). He thinks his normal customers will buy more often because they can pick and choose from over 31 different candy bars and won't get bored with..
Which of the following is a function of the Federal Reserve System?
You only buy apples and bananas. Your budget is such that you can purchase 3 apples and 4 bananas or 9 apples and 2 bananas. Write the equation for the budget line with bananas on the y-axis. Is that equation unique.
Explain what the income eect is. You may use plain English or use an illustrative example. However, you must convince me you know what it is without copying a denition. Repeat the above for the substitution eect.
Assume a company has $200 in fixed costs, marginal costs are $10, and the company produces 100 units per year. How low can the price go before it is preferred to shut down? Answer the question for the short run and for the long run
According to 2009 data on the U.S. population which of the following was correct? Adults had higher labor-force participation rates and higher rates of unemployment compared to teenagers. Adults had higher labor-force participation rates and lower ra..
Explain why at first patents might seem such as a deterrent to growth because in effect they restrict the use of new technology
If the US federal income tax deductions for mortgage interest and state and local property taxes are eliminated (with no other change in federal tax laws), many taxpayers will have to pay more tax. Describe how the tax increases would be distributed ..
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