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John spends $I on bottled water which he can buy in two sizes: 0.75 liter and 2 liter. The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
(a) Write down a utility function for John in terms of the number of small containers (x) and the large containers (y) that he consumes.
(b) Find John’s demand function for y.
(c) Find John’s compensated demand function for y.
(d) Suppose initially I=20, px=1 and py=2. Draw John’s ordinary and compensated demand curves for y in the same diagram. Make sure to label all the relevant points.
A country's trade balance. A. is greater than zero only if exports are greater than imports. B. must be zero. C. is greater than zero only if imports are greater than exports. D. must be greater than zero.
You decide to buy 500 shares of stock at a price of $70 and an initial margin of 55 percent. What is the maximum percentage decline in the stock before you will receive a margin call if the maintenance margin is 25 percent?
A business produces 4,000 units per month which it sells at $20/unit. Costs include: $10,000 on raw materials, $15,000 in wages for operators and $10,000 in wages to sales people. If the business is just breaking even, what are its fixed costs: A fir..
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession. Illustrate what disagreements did Keynes ..
Suppose the Fed conducts an open market sale by selling $10 million in Treasury bonds to Acme Bank. Sketch out the balance sheet changes that will occur as Acme restores its required reserves (10% of deposits) by reducing its loans. The initial balan..
the general agreement on tariffs and trade is an international agreement. assume the US government wants to hold the value of the dollar at $1=10 chinese yuan, but it finds that the value of yuam is depreciating against the US dollar. what would be a..
The difference between playing a board game and playing a video game is the a) eliminatiion of free riders b) technology of the video game c) involvement of fewer rivals or d) involvement of free rider
During the Christmas season, the Osceola School Superintendent orders each of the high schools within the school district to prominently display the nativity scene. Discuss at least two advantages and disadvantages of litigation as a dispute resoluti..
A company's cash sales for the month are $200,000 and its accounts receivable payments for the month are $100,000. What is its total incoming cash flow.
Victor and Chris are playing a game. Both are supposed to call a number simultaneously and the number should be bigger than or equal to 0. Assume that Victor's number is x and Chris's number is y. If x>y, Chris wins and Victor should pay Chris $y. If..
Suppose firm 1 and firm 2 each produce the same product and face a market demand curve described by Q= 5000 - 200P. Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. what is the Ber..
Suppose the market for widgets is perfectly competitive. Furthermore, suppose the total cost curve for a typical firm in this market is TC = 128 + 3q2 where q represents the quantity of widgets sold by a single supplier. Suppose that there are 16 sel..
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