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On a business trip, Mr. Pines is driving to meet with a prospective customer. Mr. Pines notices that the gas tank is almost empty. The"GasGun" app in his iPhone says the least expensive gas station is about 15 miles away. A gas station closer to his current location would cost $0.10 more than t lie least expensive gas station which is 15 miles away. The capacity of the gas tank of the car lie is driving is 20 Gallons. What would lie decide to do? Why?
Boo spend all of her income on tacos. There are only two varieties of tacos: chicken and pork, and Boo preferences pork taco. You could write her function as U=C + 3P. Chicken tacos cost $1, pork tacos $2.50, and she has an income of $40. Derive Boo'..
students are required to write an essay on a significant recent economic event or activity.discuss an economic activity
Federal Employees Health Benefits Program as the Model for Marketplace Plans Many Americans have little choice about health insurance. For the majority, the choices are to accept the plan offered by their employer, by their state Medicaid agency, or ..
A local phone company has three family plans for its wireless service. Under each of these plans, the family gets two lines (phones) and can make local and long dis- tance (within the United States and Canada) calls for free so long as the total numb..
Assume the NXL league in Q #3 above adds two expansion teams each generating $100 mil per year in revenue. How much TR (to the nearest $ mil) will UT now have AFTER revenue sharing is taken into account? a. 192 b. 240 c. 278 d. 230 e. 250
Data show that the age earnings profiles of woman are considerably lower and flatter than those for men. Can you explain these differences?
GDP depends partly upon Investment and consumption spending. If the economy is in a persistent recession what can the Congress and Administration do to improve the GDP? What can the Federal Reserve do to improve the economy is Consumption and Investm..
Suppose Chen has demand Q = 40 – 2P for streetlights and Abby has the demand Q = 10 – (1/2)P for streetlights. The cost of building each streetlight is $19. How many streetlights are socially optimal? How many streetlights would be privately purchase..
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
The opportunity cost of leisure: The elasticity of labor demand is higher when: The labor demand curve:
Suppose that there is no growth in real GDP and inflation is equal to -2% per year. (Negative inflation is the same as deflation.) Measured in ducats, illustrate what will GDP be equal to next year.
How does the real wage rate at point c compare with the real wage rate at point a. How do nominal wage rates compare at those two points.
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