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Suppose that Marr's utility function for Wegmans' ice cream (W) and Tops' ice cream (T) is U= W+T. The price of Wegmans' ice cream is $5 and the price of Tops' ice cream is $4. Mary has 100$ to spend. Find the optimal bundle that maximizes Mary's utility. Show that Mary's optimal consumption bundle on a graph that shows her budget line and indifference curves. Specify the values of the y-intercept and x-intercept of the budget line.
Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival have successfully kept prices at a very high level. You recently learned that your rival is retiring and closing his station in two weeks...
For commodity X, average cost is equal to marginal cost at every level of output. Assuming that the market for X is competitive and the demand curve is linear analyze the effects when a unit tax of u dollars is imposed. Now analyze the effects of the..
The majority of the world's diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follow there is moreshow problemThe majority of the worl..
The equilibrium price and quantity of gasoline is $2.50 per gallon and equilibrium quantity is 15 million gallons. The price elasticity of demand is -0.5 and the price elasticity of supply is 1. The state legislates that a sales tax of $0.10 per gall..
Suppose the impact on the interest rate of a $3 increase in government spending can be eliminated by a $1 increase in the money supply. If "the" multiplier is 4 and the income multiplier with respect to the money supply is 3, what mix of monetary and..
In figure 4-9 label the boxes and the connecting lines with their appropriate titles. Use arrows to show the correct flows of economics activity for the complex circular-flow-model.
You work for a drug manufacturing company and holds a patent on Hair Grow, the worlds most famous effective drug for restoring hair. Your job is to analyze the pricing and investment decisions facing the firm. Your marketing group estimates that Hair..
Evaluate the role played by Howard Schultz in the growth and success of Starbucks. Is the company in danger of relying too heavily on Mr. Schultz?
What is the principle-agent problem and how can it be avoided? What is the difference between explicit and implicit costs? What is the law of diminishing returns? What determines the U-shaped curve of short run production costs?
You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your ..
A 50-kilowatt gas turbine has in investment cost of $40,000. It costs another $14,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $450 per year. what is the ..
For each of the following transactions, how much does US GDP increase? And how much, if at all, do consumption, investment, government purchases and net exports change? Peter Rich buys a 1928 painting by Pablo Picasso at an auction for $1 Million. In..
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