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Kalia is currently spending all of her weekly income purchasing the two goods that she likes hamburgers and fries. She is currently purchasing 10 hamburgers and 5 large fries. She receives 40 utils from her 10th hamburger and 20 utils from her 5th large fry. The price of hamgburgers is $6, and the price of fries is $2. Is kalia maximizing her utility, and if not, what should she do? a. Kalia should buy fewer hamburgers and more fries. b. Kalia should buy more hamburgers and fewer fries. c. Kalia should buy fewer hamburgers and fewer fries. d. Kalia should buy more hamgburgers and more fries. e. There is not enough information to tell what kalia should do.
Explain why Blazo's performance from providing these services to ABC Company and other firms will decline if economic growth is reduced.
Kramer Smith owns a dry-cleaning service also is thinking about changing his advertising expenditures for the year.
Suppose a rm's production function is given by Q = F (L,K ) = 5LK . The wage rate is $100 per unit of labor and the rental rate of capital is $50 per unit of capital. What is the least-cost combination of capital and labor if the rm produces 1000 uni..
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome. A social welfare function summarizes society’s pref..
Illustrate what is the supply of dollars in the market for foreign-currency exchange. Write down your answer since you will need it to answer the next question.
Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of
Discuss how you can use the laws of demand and supply to explain the following scenarios: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month. the employees at the gasoline station would ha..
Imagine that Canada, the US, and Mexico decide to adopt a fixed exchange rate system. What would be the likely consequences of such a system for (a) international businesses, and (b) the flow of trade and investment between all three countries?
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits? Explain your answer.
Joseph, who owns the only pizza parlor in Middletown, learns that Giovanni is about to open a competing pizza parlor in the same small town, just a few blocks from Joseph's restaurant. Joseph offers Giovanni $10,000 in return for Giovanni's promise n..
In the debate concerning repeal of the provision allowing capital gains on assets passed on to one’s heirs to escape taxation, some have reasoned that death is not voluntary, and therefore one should not tax capital gains upon death. Evaluate and exp..
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