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After getting an A on your economics exam, you decide to go to your favourite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas. Use the rule of equal marginal utility per dollar to determine which one to purchase: (a) the chimichanga for $8 which gives you 120 units of utility, or (b) the enchiladas for $15 which gives you 195 units of utility?
The Future Flight Corporation manufactures a variety of frisbees selling for $2.98 each. Sales have averaged 10,000 units per month during the last year. Recently Future Flight's closest competitor, Soaring Free Company, cut its prices on similar fri..
A man is planning to retire in 20 years. Money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount of end-of month deposit must be made each m..
The marginal revenue generated for the monopolist by the 13in unit of its product is $6. What is the market-clearing price for the monopolist's product when 13 units are supplied to the market?
Two students, Ryan Wattenberg and Emma Bennett, are discussing the idea of convergence over coffee. Ryan considers convergence to be true in theory but impractical in the real world. Most developed countries do not have similar resources endowments. ..
Describe how the economic theories and principles you have studied in this course have deepened your thinking about economic behavior.
In which of these instances is demand said to be perfectly inelastic. Elucidate is demand curve is horizontal.
Suppose the employees of Starbucks in China are paid 8 yuan per hour and a cup of coffee is priced at 8 yuan. If Starbucks is maximising its profit, a what is the value of marginal product of labour (VMPL) per hour of the last worker employed by Star..
In the Keynesian view, would a constitutional amendment that would require the federal government to balance its budget (incur no deficit) be desirable? Explain your answer.
The world's largest carpet maker has just completed a feasibility study of what to do with the 16000 tons of overruns, rejects, and remnants it produces every year. The company's CEO launched the feasibility study by asking, why pay someone to dig co..
Calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.
Some economists argue that only unanticipated increases in the money supply can affect real GDP.
Suppose Jennifer has $42,000 in currency which she deposits in her bank. If the reserve ratio is 50%, this will lead to a maximum increase of ________ in M1 throughout all banks.
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