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You have $3,000 to spend on entertainment this year. The price of a day trip (T) is $40 and the price of a movie (M) is $20. Suppose that your utility function is U(T,M)=T1/3 M2/3.
(a) What combination of T and M will you choose?
(b) Suppose that the price of day trips rises to $50. How will this change your decision?
Assume a per-unit tax of $2.00 is levied on the producers of Gadgets. Illustrate what is the after-tax market equilibrium price and quantity.
Technology transfer in the Solow model: One explanation for China’s rapid economic growth during the past several decades is its expansion of policies that encourage “technology transfer.” Draw a graph showing what happens to output in China over tim..
A young physician makes $250,000 per year with an annual salary increase of 2%. He is interested in buying a house. He has $130,000 in his savings account. The appraisal value for the house is $600,000. After exhaustive shopping for a mortgage, a ban..
Compare your country's money supply, price inflation, interest rate, and exchange rate movements for the last five years. Discuss if there is a relationship among these four economic criterion. Include at least two reputable citations.
Explain how was the second law and end-use analysis linked to socially constructed scarcity.
Consider the assumption that the poor are hard to reach. Is the comment offered about opening up untapped markets worth considering by entrepreneurs?
Solve for the new equilibrium. Illustrate what happens to the price received by sellers, the price paid by buyers, and the quantity sold.
Of the 100 patients with colon cancer, 15 smoke cigars while 40 of the 300 patients without colon cancer smoke cigars.
6000 bottles of water are sold when the price is $3 per bottle. when the prices is $4 per bottle, 5500 are sold. find the linear price equation where the price is p(x) and x represents bottles of water. set up table of (x,y) values showing your work...
In a macroeconomic context, what are implicit liabilities? Payments that the Federal government undertakes only during periods of recession. Money owed to people possessing government issued bonds.
You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?
Suppose the inverse demand for an industry was given by P = 60 - 0.03Q. What price results from perfect competition in this market? How many units are sold in this market?
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