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a) briefly explain four underlying assumptions of consumer theory.
b) suppose a consumer's income is used on two goods, X and Y. The consumer's income is $200 and the prices of X AND y are $10 and $5 respectively.
(i ) Derive and draw the consumer's budget line.
(ii) illustrate and explain what happens to the line when the consumer's income doubles to $400.
(iii) illustrate and explain what happens to the budget line when the price of goods Y is doubled.
(iv) using the budget line in (i) above illustrate and explain how consumer equilibrium which maximizesss u
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in a. a shortage of 80 units b. a shortage of 44 units
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Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and the wage paid to labor is $50? Round any decimals to the nearest hundredth. Derive the firm's cost function using the rental an..
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