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Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt.
a. Draw several indifference curves to illustrate Carl's preferences.
b. What is Carl's MRS?
c. Are Carl's preferences monotonic? How do you know?
d. Are Carl's preferences convex, strictly convex, or not convex? Explain /show how you know
Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 25,000 cases of cola were sold every week at a price of $7 per case. After the tax, 18,000 cases of cola are sold every week; consumers pay $8 per case (includin..
Explain how many bushels of corn are purchased by consumers and at what price. How many bushels of corn are purchased by the government and at what price.
Suppose that one must divide $1,000 among 100 students. Which divisions are efficient?
Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? Explain your answers The price of comparable French wine decreases. The unemployment rate in the Unite..
What variable adjusts to make the quantity of money held equal to money supplied?
Discuss whether perfect competition is more efficient than regular unregulated monopoly, regulated monopoly, and natural monopoly? Justify your answer using real world examples.
Show that these choices are inconsistent with expected utility maximization.
In The Case of the Unequal Opportunity, the companys workplace equity policy is clear. In your opinion, which paradigm does the company use to manage diversity
Using the data provided above, determine if the Hernandez Corp. is using a cost minimizing combination of inputs. Explain your answer/show your work. If your answer is no, how should the input combination be adjusted?
Identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. Be sure to include: The distinction between the short-run an..
Suppose there is an increase in the population growth rate. Show graphically how this affects the growth rate of both output per capita and total output in the short and the long run.
The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8. At a price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. If per capita income increases to $20,500, what..
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