Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On January 1, Professor Smith made a resolution to lose some weight and save some money. He decided that he would strictly budget $100 for lunches each month. For lunch, he has only two choices: the faculty club, where the price of a lunch is $5, and Alice’s Restaurant, where the price of a lunch is $10. Every day that he does not eat lunch, he runs 5 miles.
a. Assuming that Professor Smith spends the $100 each month at either Alice’s or the club, sketch his budget constraint. Show actual numbers on the axes.
b. Last month Professor Smith chose to eat at the club 10 times and at Alice’s 5 times. Does this choice fit within his budget constraint? Explain your answer.
c. Last month Alice ran a half-price lunch special all month. All lunches were reduced to $5. Show the effect on Professor Smith’s budget constraint.
Derive the profit frontier, and explain why total profits fall as the firms redistribute profit between themselves by redistributing output.
Assume that you are a marketing manager for a supermarket. The accounts department provides you with different price elasticites for a variety of goods. Some products (e.g. confectionaries & cosmetics) are relatively price-elastic
When the price of sugar was "low," consumers in the United States spent a total of $1 billion annually on its consumption. When the price doubled, consumer expenditures actually increased to $3 billion annually.
Southern Oil Company produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per gallon for regular gasoline and .50 per gallon for premium gasoline.
Explain. A family buys a new refrigerator, Aunt Jane buys a new house, Ford sells a Mustang from its inventory, You buy a pizza, California repaves Highway 101, Your parents buy a bottle of French wine, Honda expands its factory in Marysville, Ohi..
what are the cost and consequences of providing the subidies?
We make selections as customers every day. Opportunity cost is defined as a person's next best option or the cost of what you give up when you make a choice.
The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this Explain why or why not. c What factors will determine the best numbe..
How can you justify the existence of government-granted monopolies for public utilities such as natural gas distribution and electricity in the light of traditional economic argument that the more competition there is, the more likely it is that a..
There're many different kinds of monopolies which exist in the market. you're going to talk about the different kind of monopolies, their place in the market, and their effect on society. please describe the following:
Using the Keynesian cross model, draw a graph to illustrate and explain what will happen in an economy when planned aggregate expenditures are greater than real GDP (i.e., A.E. > Y). How is equilibrium achieved in this economy
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd