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The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. This offer is an unlimited offer, valid throughout the year. The manager knows her products are normal goods. Given this information, construct the budget set for a consumer who has $200 to spend on bagels and other goods throughout the year. Instruction: If the opportunity set has any kinks, be sure to plot all the points where the kinks occur. Graph the budget set from where Bagels (in dozens) = 0 to where Bagels (in dozens) = 32.
A change in input prices shifts the isoquant map. Convex isoquants mean that the marginal rate of technical substitution decreases as the firm substitutes labor for capital. A change in cost shifts the isocost curve.
Suppose Nation A can produce 2 million pounds of sugar per week OR 1 million pounds of rice in a week and Nation B can produce 10 million pounds of sugar per week OR 3 million pounds of rice in a week. If this is a two-good, two nation model
Illustrate what is maximum amount you would pay for offer of $2,000. Suppose offer was $2,000, but delivery was to be in 2 years instead of 1 year. Illustrate what is maximum amount you would be willing to pay.
Does this make economic sense? Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and cost curves.
find the current set of reserve requirements that banks must meet. Then calculate the reserve requirements for banks with the following amounts of transactions deposits.
Illustrate the price that consumers are willing and able to pay for this output is $40 per unit. Produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
The direct and excess burdens from an excise tax are greater the less elastic is demand in the market. Real national income can never exceed its potential level.
Assume a firm has a patent on one of its products whose sale generates $32,700/year more revenue than production costs. If the annual interest rate is 20 percent, what is the market value of this patent.
when given 5 costs also quantities over 5 months also asked for the arc cost elasticity of demand.
The firm must pay a fi xed cost of $80 if it produces any positive amount, but does not have to pay this cost if it produces no output. Illustrate what is the smallest integer price that would make a firm willing to produce a positive amount.
q1. a monopoly with constant marginal costs of 50 can sell to three groups of potential consumers with demands q1 800
Gary has two children, Kevin and Dora. Each one consumes "yummiest" and nothing else. Gary loves both children equally.
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