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Sam has a utility function U(x,y)=min{4x+y,5y} where x is measured on the horizontal axis and y on the vertical axis. On a clearly labeled graph, draw Sam’s indifference curves for U(x,y)=5 and U(x,y)=10. Explain carefully every steps of your draw.
Explain carefully how oligopolies can use product differentiation strategies to increase barriers to entry. Consider both brand name creation and product line proliferation strategies.
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. What is the equilibrium price and quantity? Now, suppose an excise tax is imposed on good X such that the new supply equation is P = 4 ..
How does your answer compare to an economy in which the total amount of the loan is deposited in the banking system and the public does not hold any of the loans in currency?
Suppose you win a lottery, and your after-tax gain is $20,000 per year until you retire. As a result, you decide to work part time at 35 hours per week in your old job instead of the usual 40 hours per week. Calculate the annual income effect on hour..
if the person withdraws $12000 at the end of each year, after how much years will the savings be exhausted?
Identify a job that you really like then identify a job that you disliked and wanted to quit. Assess both jobs in terms of the freedom you were given to make decisions.
Why does a teacher earn less than a firefighter? Why does a union electrician earn less than a non-union electrician?
New York University is one of the most “liberal” law schools in the country. However, in spite of the political leanings of the faculty and the students, the vast majority of its law graduates enter lucrative large firm law practices, not public inte..
Apple Inc is planning on launching the new iWatch product in April 2015. The Marketing Department has determined the initial demand function by using regression modeling over the last 12 months. The initial demand function for the iWatch is estimated..
There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q)=10q^2+200q+7000. The market demand is P= -4QD+3000. Find the short run equilibrium price, market quantity, and firm quantity.
An asset has a first cost of $200,000, annual O&M costs of $5,000, a salvage value of $50,000 at the end of 10 years, and at the end of 5 years will need a major overhaul costing $20,000. At an interest rate of 4%, what is the present worth and the f..
Trade sanctions imposed on Iraq that limited Iraq/s production of oil after the 1990 Gulf War on the oil market are best shown graphically with a price ceiling below equilibrium price. False. Why?
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