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Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Stout. Draw indifference curves for the following consumers (put Skullsplitter on the x-axis andDragonhead Stout on the y-axis).
a. Angus likes variety and prefers to drink Skullsplitter and Dragonhead Stouttogether.
b. Hamish dislikes variety; he likes to drink the same thing all the time.
c. Tam only cares about the alcohol content in his drink; he wants to drink the beerthat contains as much alcohol as possible. Suppose that Skullsplitter has 5%alcohol content and Dragonhead Stout has 10% content. What do Tam'sindifference curves look like?
d. If Archibald's indifference curves are upward sloping, what does this say aboutSkullsplitter and Dragonhead Stout for him?
Congress is considering a tax credit program for those who purchase energy-efficient appliances. Proponents of the program have said that $400 million will be given directly to taxpayers and argue that this will have an economic effect that is gre..
Illustrate this strategic interaction using a game in normal form and has WallMart a strictly dominant strategy? Has it a strictly dominated strategy? Clearly explain.
The money received by Josh when he resells his currentyear-model Honda automobile to Kim.
Illustrate the following situations using supply and demand curves for money. No graph needed only state what will happen to the supply and/ or demand curves for money and what will happen to the equilibrium interest rate.
Assume that Jim goes to work at age twenty-five, earns an average $40,000 a year for 40 years. He inherits $320,000 when he starts working. He expects to live to be 75.
Go to the Bureau of Economic Analysis at this Web site, and look up the latest new release for real GDP. Address the following questions after reading the latest release: Where is the United States in the business cycle? What is the real GDP today?
If a country imports more than it exports, describe three methods that residents of that country have to pay for the extra imports from foreign producers (i.e. changing ownership of assets or liabilities).
a firm has cost functioncy y2 1 if y gt 00 if y 0let p be the price of output.1 if p 2 how much will
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
a. Derive contingent factor demand L*(w,r,Q), K*(w,r,Q). b. Derive (dk(w,r,Q))/dw, (dk(w,r,Q))/dr, (dk(w,r,Q))/dQ, c.Classify the returns to scale of this production function. d. Derive the cost function c(w,r,q) by plugging your factor demands from ..
Illustrate what extent are these definitions of economics and happiness similar. To what extent are they different.
Many cities regulate taxi industry by licensing cabs. These licenses are often called medallions because they are issued in the form of a metal shield that must be affixed to hood of the cab, where enforcement officials can easily see it.
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