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Nick is indifferent between 3 hours of basketball (Y) and 1 hour of swimming (X). His preferences are represented by the following utility function: U(X,Y) = 3X + Y. He has a budget of $100. Swimming costs $10 per hour, and playing basketball costs $20 per hour. a. Graph Nick’s budget line. What is the relative price of swimming in terms of basketball? b. What is Nick’s MRS of swimming in terms of basketball? Do his indifference curves exhibit diminishing MRS or constant MRS?
Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.
Suppose that Iggi and Kurt begin trading ice cream and waffle cones with each other. Elucidate price of waffle cones (in terms of ice cream scoops) would benefit both Iggi and Kurt and make both individuals willing to trade.
Could Boeing's margin probable rise or else fall if yen then depreciated as well as competitor prices were unchanged.
Changes in the macroenvironment affect individual firms and industry through the microeconomic factors of demand, production, cost and profitability.
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession. Illustrate what disagreements did Keynes ..
The data is listed per quarter, and real GDP data was calculated using 2005 as the base year. Fill in the columnns for the GDP deflator and for the percent increase in price level.
Explain which industries have substantially reduced fixed cost commitments. Reduction in costs has substantially impaired the ability.
A firm is currently operating where the MC of the last unit produced is $64, and the MR of this unit is $70. Illustrate what would you advise this firm to do.
Elucidate the concepts of Comparative and Absolute Advantage. Compute the opportunity cost for each country.
The Microsoft Case Microsoft Monopoly--Why was Microsoft investigated for antitrust behaviour.
Clarify what action monetary policymakers must take for the actions of fiscal policymakers to have no effect on real income.
Illustrate why does the GDP deflator give a different rate of inflation than does the CPI. Illustrate what is the difference between a medium of exchange and a store of value.
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