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A very popular sales technique at pizza establishments is : “Buy two large pizzas and get a third large pizza free (limit one free pizza per customer)” Suppose you only consume two goods, pizza and pop. Draw your budget constraint between pizza and pop assuming you have access to the offer mentioned above.
Draw indifference curves showing your consumer equilibrium in each of the following cases: (you may put them all on the same graph)
- you do not take advantage of the offer (i.e. you only buy one pizza)
- you just take advantage of the offer (i.e. you buy exactly two pizzas)
- you buy more than two pizzas.
Are you always better off with the offer above? Explain.
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Homer's boat manufacturing has a monopoly on boat sales in the region. Homer's marginal cost of the 8th boat produced is $1,200. He produces only eight boats and can sell all eight boats for $1,500. The elasticity of demand at this price is -2. Is..
Suppose Home and Foreign countries (H and F) trade two goods, G1 and G2, and each country is populated with 2 workers (workers can split work time between two industries). At home, one worker can produce either 1 units of G1 or 2 units of G2 in one d..
Elucidate which methods resulted in the most hits. Elucidate which methods resulted in few or no hits.
Suppose there are two inputs in the production function labor and capital and that this firm has a strange technology: the two inputs are perfect substitutes. The existing technology permits one machine to do the work of three people. The firm wants ..
Illustrate what role do fiscal and monetary policies have to lead to higher or lower budget deficits.
Explain in words why an employer would never want to stop increasing the quantity of labor employed when the marginal product is above the average product of labor.
Is it appropriate to think of all of Australia as a single geographic market for the production of natural gas? If so, explain why. If not, what are the relevant geographic markets? Based on your geographic market definition(s) above, would you expec..
Opportunity cost refers to : value all alternatives forgone as result of making particular choice. value of next best alternative occurring as result of making particular choice.
Why is it that a profit-maximizing businessman would always raise prices when facing an inelastic demand curve, but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail
A monopolists average revenue function is AR(Q) = 20−30Q and his total cost function is C(Q) = 20Q2. Find: His total revenue function. His profit-maximizing output level and maximum profit.
Discuss what a manufacturer of each product might do in the short run to increase production. Illustrate how does the long run differ for these products.
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