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Boris budgets $40 week for his morning coffee with milk. He likes it only if it is prepared with 3 parts coffee, 2 part milk U= min {3/2M,C}. Coffee costs $2/oz, milk $1/ oz. (For the questions below, show your work briefly)
A. How much coffee and how much milk Boris buy per week?
B. How much coffee and how much milk Boris per week if the price of coffee rises ro $6 / oz?
C. Graph the two budget constraints and the two optimal bundles with coffee on the x-axis. On the graph, show how much of the total change is due to the income effect? How much to the substitution effect?
what single payment at the end of year 5 is equivalent to an equal annual series of payments of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is 8% compounded annually
From 1983 to 1987, a period of rapid economic growth in the U.S., total savings by contributors to IRAs increased by approximately the amount of their IRA contributions. Does this show that virtually all of their IRA savings were new savings money th..
For each of the following situations, find the consumer’s optimal bundle. Be sure to show your work. Also, for each case, draw the consumer’s budget constraint, indicate the optimal bundle on the graph, and accurately draw the indifference curve that..
Determine whether the following production function exhibits constant, increasing, or decreasing returns to scale
Explain what the political motives are behind more third world countries joining the international market. What is/are the motivational factors?
Compute the contributions to GDP of these transactions, showing that expenditure also income approaches give the same answer.
Explain how will the market restrain economic freedom. Explain how will society produce goods and services at lowest cost.
Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
Suppose the owner of the trawler can sell al the fish caught for $75 every 100 pounds also can hire a man crew members as desired by paying them $150 every week.
Use the endogenous growth model to determine the effects of this on the paths of aggregate consumption and aggregate output overtime.
q1. apparent motion is dependent on factors other than isi. describe the various factors that would affect ones ability
how should he change his bundle to reach his optimum? Explain your answer using the marginal utility condition at the optimal choice.
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