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Raphael enjoys going to the theater to see plays, and he also enjoys going to rock concerts. The following diagram shows two of Raphael's indifference curves for going to plays and concerts. With Raphael's initial budget constraint (BC_1), he chose to go to four concerts and six plays per month (point X). Then his budget constraint shifted to BC_2, and he chose to go to five concerts and three plays per month (point Y). Of the following choices, which could have shifted Raphael's budget constraint from BC_1 to BC_2? Check all that apply. His income decreased while the prices of theater and concert tickets stayed the same. The price of theater tickets increased while his income and the price of concert tickets stayed the same. The prices of both theater and concert tickets increased while his income stayed the same. The price of concert tickets increased while his income and the price of theater tickets stayed the same. Based on Raphael's consumption of plays and concerts after his budget constraint shifted, plays are goods and concerts are goods.
The term tax incidence refers to...
Calculate cost elasticity of demand for paint and show your calculations. Decide where demand for paint is elastic, unitary elastic, or inelastic.
Insurance and social policy. You have been hired by an insurance company to help them launch a new product which would pay for long-term care in a nursing home for people at an average cost of $150,000/year. Who would you expect would buy your policy..
q1. why was the teamsters union so opposed to allowing mexican truckers to deliver their goods in the united states? as
A television network will allow National Motors to advertise its claim if the appropriate null hypothesis can be rejected
If a tax were to be imposed on one of these items, for which item would the tax be the most efficient.
While tariffs and quotas have declined drastically under GATT and the WTO, nontariff barriers have been on the rise. Why would countries use nontariff barriers to distort natural trade patterns? Are there situations when the use of nontariff barriers..
Suppose there are two consumers of a public good, Barbie (B) and Ken (K). Their demand curves for the good are given by: Graph Barbie’s demand curve. What is the slope? Graph Ken’s demand curve. What is the slope?
List one way that a market-based health insurance system fails to limit costs. Then, discuss how either the Affordable Care Act or a single-payer system would correct that failure.
Suppose you enjoy watching television on PBS, a broadcast station which you can receive on your TV with your antenna. In fact, your willingness-to-pay for a year’s worth of programming on PBS is $80. PBS is currently in a fundraising campaign to get ..
Use supply and demand curves to help you determine the impact that each of the following events has on the market for beef. New genetic engineering technology enables ranchers to raise healthier, heavier cattle, significantly reducing costs.
Two ?rm’s produce soda: one with a constant MC=$1.00, and one with a constant MC=$0.50. Demand for soda is given by QD = 100 − .5P. For each of the following models of oligopoly competition below, Find the market price, market quantity, each individu..
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