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Sara has $12 to spend on popcorn and cola. Popcorn is $3 a bag, and cola is $3 a can. Figure 1 illustrates Sara's preferences. Use Figure 1 to work Problems.
What is the relative price of cola and what is the opportunity cost of a can of cola? Draw a graph of Sara's budget line with cola on the x-axis.
A Bertrand equilibrium in this environment is a pair of prices (p1 , p2 ) such that, when firm 1 charges p1 and firm 2 sells p2 , neither firm can raise its own profits by unilaterally changing its price. What is the Bertrand equilibrium?
A bank recently announced an "instant cash" plan for holders ofits bank credit cards. A cardholder may receive cash from thebank up to a preset limit (about $500). There is a specialcharge of 4% made at the time the "instant cash" is sent
Compute the price and income elasticity of gasoline demand. Interpret the coefficient on the interaction term before fitting a regression model.
Briefly discuss whether you consider this system to be a good one. Is your conclusion an example of normative economics or of positive economics? Briefly explain.
the origin and do not intersect the axes. The price of sushi is $10 and the price of soy milk is $2. She is spending all her income at the basket she is currently consuming, and her marginal rate of substitution of sushi for soy milk is 4. Is she ..
One of the variables used in the model was political status of a country (communist, democratic, or dictatorship).
Compare both the classification performance and interpretability of the final model.
The New Jersey company that sells the machine then deposits the $100 check in its account at a New York bank. How would these transactions show up in the balance of payments accounts of New York and New Jersey? What if the New Yorker pays cash for..
Calculate the market demand. Assume that the market price for the good is $4 due to perfectly elastic industry supply. Using the market demand function, calculate the total consumers surplus. Calculate the total consumers surplus using individual ..
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following:
How will you use student assessment to inform (make decisions) about your teaching?
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale Expl..
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