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Vanessa consumes two goods--new DVDs that cost $20 each and leisure. After allowing for sleep and personal care, she has 70 free hours each week and must split these hours between work to earn money to buy DVDs and leisure activities such as personal time or socializing with friends. Vanessa's wage is $10 per hour. By law, she cannot work more than 40 hours per week. Also, Vanessa's grandfather gives her $100 each week to spend on consumption.
This problem is different from other problems you have seen. Because of the restrictions on her ability to work and because of the gift of income from her grandfather, Vanessa's budget line does not intersect either the vertical or horizontal axes.
Plot Vanessa's budget line by clicking on the two endpoints. The data-plotting tool will automatically connect the points with a line.
Find out industry's profit-maximizing cost and quantity. Illustrate what is its profit. industry's production manager claims that industry's average cost of production in minimized at an output of 40 units.
Suppose that the nominal rate of interest is holding steady at 8 percent even as the anticipated rate of inflation rises.
conomist Robert Fogel focused on which of the following factors as one determinant of long-run economic growth.
Elucidate how much they can accumulate over 25 yrs if they move the money into a money market mutual fund earning 5 percent.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
Compare the additional revenue Circuit City makes as it moves from 2 million to 4 million copies of Vista with the additional revenue it makes as it moves.
Should GDP take into account environmental issues, distributional issues also health also welfare issues.
The average consumer income is $20,000, and the price of the related good is $1.10. Compute the predicted quantity demanded of X at these prices and income.
Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute.
Illustrate what Monetary Approach Tools should the Federal Reserve utilize to fight inflation. Describe them thoroughly.
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
Write down an expression for the profit GBC will make if it uses L units of labor at $1 an hour and sells the resulting output of cookies at $p a cookie.
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