Reference no: EM131005380
Each term, Dana, a student at Cabrini Community College has a budget of $4,000 she can spend on college credits and drama classes. Each college credit costs $200, while a drama class costs $100.
a) In a graph, plot Dana’s budget constraint.
Dana considers college credits an imperfect substitute to drama classes and this year she is taking ten college credits and twenty drama classes.
b) In your graph, add an indifference curve to illustrate Dana’s optimal combination of college credits and drama classes.
Suppose Cabrini Community College charged Dana a flat tuition of $2,000 instead of the $200 per credit fee.
c) According to your graph, would Dana take more college credits than before? Would her utility be higher?
d) What if Cabrini Community College charged her a flat tuition of $2,100?
|
Production depends heavily on low-skilled labor
: Name two products and two services whose production depends heavily on low- skilled labor. b. What would happen to the wages of the remaining low-skilled, legal workers after the deportations? c. What would happen to the prices of the goods and servi..
|
|
Why is technology such an important part of the labor market
: Why is technology such an important part of the labor market? Do you think technology makes workers more or less productive and how does it relate to their wages?
|
|
Law is constitutional using analysis of fundamental
: From FDR's Folly Chapter 15: Explain and critique the current policy of the Supreme Court in determining whether or not a law is constitutional using analysis of fundamental and non fundamental rights, and give two examples each of fundamental and no..
|
|
Explain why there was not widespread support
: From FDR's Folly Chapter 13: Explain why there was not widespread support for a U.S. federal pension plan prior to 1935. Explain why there is a pervasive misunderstanding that citizens who have paid Social Security taxes are entitled to benefits when..
|
|
Optimal combination of college credits and drama classes
: Each term, Dana, a student at Cabrini Community College has a budget of $4,000 she can spend on college credits and drama classes. Each college credit costs $200, while a drama class costs $100. Dana considers college credits an imperfect substitute ..
|
|
The present value of the lease payments
: In each scenario, indicate whether Ouachita would classify the lease as an operating lease or capital lease under U.S. GAAP. Assume the lease agreement has not met any of the other criteria of a capital lease. Provide brief explanations.
|
|
Use the concepts of substitution and income effect
: Read the article “Even Europeans will Respond to Incentives” by Edward Prescott, a Nobel laureate in economics that appeared in the issue of the Wall Street Journal. According to Prof. Prescott, between the early 70s and the mid 90s why did labor sup..
|
|
Determine standard error of the estimated slope coefficient
: Determine the standard error of the estimated slope coefficient for the price of roses (point F) and whether that estimated slope coefficient is statistically significant at the 5 percent level.
|
|
Determine the intercept coefficient
: Determine the intercept coefficient (point E) and whether that estimate is statistically significant at the 5 percent level.
|