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Chris chooses between two goods, X and Y (see figure below). At first, the price of X is low and the price of Y is high (budget line B1). Chris tells you his best affordable combination of X and Y is at point A. Then the price of X rises, while the price of Y falls (budget B2). Chris tells you that at these new prices, his optimal consumption bundle is still point A. What must be true of Chris's preferences?
A) Chris prefers X to Y.
B) Chris prefers Y to X.
C) X and Y are perfect complements.
D) X and Y are perfect substitutes.
E) Chris's preferences must violate one of our assumptions about consumer behavior.
It is generally accepted among economists that minimum wage warps the equilibrium point between the supply and demand of labor by instituting price floor and increases unemployment for unskilled laborers (while increasing the wage for the individuals..
If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
The production function is given as f(L, K) = L2 K . In the short run, K is fixed at 1. The price of L is $3 per unit and price of K is $5. In order to produce 100 units as a desired output, how much is the total cost? What is the price elasticity of..
What can you say about the level of the real interest rate if people instead are risk averse.
Suppose that real GDP grew more in Country A than in Country B last year. Which of the following does this imply concerning productivity or standard of living?
Coffee prices in 1960 were .40 cents and are $1.65 in 2009. Income in 1960 was $10,000 and is $40,000 in 2009. Does this mean that society is worse off or better off in 2009 than in 1960? Under what conditions are consumers better off? Besides the ch..
Which mathematical form of model (linear, semi-log or double log) would be appropriate for estimating each of the following? The rate of return from holding a bottle of wine for a year. The price elasticity of demand for squirrel fur.
q.your firm is considering the purchase of an old office building with an estimated remaining service life of 25 years.
calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
Read the opening case on Boeing 787s, and research for the updated information on the Boeing 787s. Identify the pros and cons of assembling a plane with many different parts and manufacturers as Boeing did with the 787. Assess whether Boeing’s approa..
If the average level of consumer surplus for each hotel guest equals $24, illustrate what is the total consumer surplus per night.
When units at MNO International are isolated from one another by strong departmental or divisional lines, it refers to
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