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Lisa likes to have 1 bagel (X) with 2 packets of cream cheese (Y) for breakfast. Her breakfast budget is $10, and the price of a bagel is $3.50 and each packet of cream cheese is $0.75. a. (8 pts) What is Lisa’s optimal choice for breakfast? Illustrate her optimal choice on a graph, using indifference curve-budget line analysis. b. (4 pts) Suppose that the price of a bagel increases to $5. What is Lisa’s optimal choice for breakfast now? You do not need to illustrate this new choice in a graph.
Suppose the price of a can of Diet Pepsi is $1. Find out Sally's optimal consumption of Diet Coke as a function of the unit price of Diet Coke (PC).
Suppose that the only input used in the generation of solar energy is sunlight
Illustrate what are the values for Qi and Di on the effective date of the study. If the economic limit is 20 BOPD, estimate the ERR.
Briefly elucidate why magnification effect plays an important role in predicting where various groups in economy will support or oppose international trade.
An end- of- aisle price promotions changes the price elasticity of a good from - 2 to - 3. If the normal price is $ 10, what should the promotional price be?
Can goals like avoiding unethical or illegal behavior be in conflict with the goal of the firm. Explain how does this complicate the agency problem.
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
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.
Illustrate what kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies, giving specific examples, would help move the economy back to potential output.
If the nominal exchange rate were 1.2 Canadian dollars per U. S. dollar, illustrate what would be the real exchange rate.
Describe the determinants of varying levels of income. What factors determine a wages of a person
How does subsidy affect consumer surplus, producer surplus, tax revenue and total surplus. Does a subsidy lead to a deadweight loss.
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