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Question :Jim sees commuting by bus and T as perfect substitutes (U = T +B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00.
Jim has $6.00 to spend on commuting.
What is Jims best affordable choice? By how much can T ticket prices increase without making Jim worse o?
Proponents of government spending claim that it provides public goods that markets generally do not, such as military defense, enforcement of contracts, and police services. Standard economic theory holds that individuals have little incentive to ..
Businesses usually decide in using automation and labor in production. An automotive environment may have high fixed costs and low variable costs,
An end-of-sale price promotion changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
If the Social Security retirement system was a private retirement system, it would be declared bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits despite the fact that it can be considered bankrupt.
Raj's Utility bundles of X and Y is given by U(X,Y)=XY A. Fill in the table with Raj's utility for the corresponding bundles x=1 x=2 x=3, y=1 y=2 y=3 B. Write a formula for Raj's indifference curves. Draw one such curve.
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected and calculate your answer in three ways
1. What would be true of entitlement spending rose to 100 percent and the federal budget was balanced? (Hint: Under a balanced budget, tax revenues equal the sum of discretionary expenditures.) 2.How would entitlement spending be funded if ta..
Clear Limited produces Plasma TV and distributes to retailers under her own house brand. Recent trend in market seems to favour adoption of TV using either LED technology.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
What is the monopolist marginal revenue function and find the monopolist profit maximizing quantity and price and the deadweight loss of the monopolist.
What is the price of money? Hint: interest rates. How are interest rates determined?
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
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