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A consumer has income of $500. chips costs $2 , and burger costs $6 .
(a) Draw his budget constraint (put burger on the horizontal axis). What is the slope of her budget constraint?
(b) Draw Consumer’s indifference curves for chips and burger if you love chips better than the burger. Draw 4 indifference curve and use this graph to describe and explain the three properties of the indifference curves.
(c) Given the prices of burger and chips, what would be the marginal rate of substitution at the point that corresponds to the optimal consumption choice? What does the marginal rate of substitution tell us?
Calculate the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect..
The developing country uses the $100 bank balance to import $100 worth of food from the United States (US).
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Explain at the current price, eight units are demanded each period. If the objective is to increase total revenue, should the price be increased or decreased.
Factors that have contributed to the rapid growth of the Eurocurrency market include all of the following except
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
The purchase of copy paper by Intel for the company staff. The purchase of an electronic handheld organizer by a sales manager to keep track of clients. The purchase of a new aircraft carrier by the Navy
One stay-at-home mom laments, “Lots of career women think the only reason I’m staying home is that I’m not capable of doing anything else.” Evaluate this criticism. In other words, is it true that the only reason women don’t enter the labor force is ..
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 8, with the first withdrawal of $1000 with subsequent withdrawals decrease at the rate of 5% over previous year’s withdrawal? The interest rate..
What kind of economies come from reductions in cost due to adoption of technology that has high fixed costs, but lower variable costs?
Suppose a country has had a high and relatively stable inflation rate for a long time. How might this affect the costs and benefits of inflation reduction?
"In a recent 'earnings call,' a teleconference call to shareholders in which the CEO reports and discusses quarterly earnings per share, Coca-Cola's CEO Muhtar Kent bragged about 'winning' market share from rival beverage company PepsiCo. The WSJ rai..
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