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Questions:
Determine the market rate of substitution. (b) In your graph show the budget set. (c) If PX doubles, what happens to the budget constraint. Show this effect in your graph. (d) What is the meaning of the slope of the two budget constraints?
The city of Touristburg has implemented a lodging tax equal to 2% of gross revenue at local hotels. If you stay in a hotel that costs $250 per night for 3 nights, how much will you pay in lodging taxes? The city of Touristburg estimates the annual gr..
Use the demand elasticity for wholesale milk of = -0.5 to estimate the % change in quantity demanded for wholesale milk in 2020
Sofia, on the other hand, will consume pie only with whipped cream. Show Arthur and Sofia's preference maps. What are their views on the two goods.
Malthusians and Neo-Malthusians believe that, eventually, the population of the earth will be exceeding the number of people able to be sustained by the earth's food production. As such, they advocated different forms of population control. If Malthu..
The Treasury bills that are purchased by the Fed are not part of our national debt. The national debt is equal to the dollar amount of outstanding Treasury bills and bonds. The Treasury must sell bills in the amount of the deficit and hence enters on..
(a) What is the basic economic problem? What is an example of a scarce item for a household, a firm and a society?
In reviewing the New Testament Acts and Epistles, what are the ways the Early Church practiced the elements of community? (Include references.)
Why should a leader have a good understanding of intrinsic and extrinsic motivation when managing people? (Hint: Think about Maslow Hierarchy of needs)
Identify some of the costs (pecuniary and non pecuniary) associated with the antitrust behavior (firms having power in the market). Additionally, note the specific antitrust act (Sherman Act, Clayton Act, etc.) under which the violation was investiga..
Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
Let money income be $10 while the price of good 1 is $2 and the price of 2 is $1. Draw a budget line. Now draw the new budget lines according to each of the following changes in prices and income.
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