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Suppose Lori has an income of $100 to spend on chocolate bars and ice-cream cones. She faces a price of$1 for chocolate bars. However, the price of ice-cream depends on how much you buy. The first 10 icecream cones cost Lori $2 each, but each cone after that is $0.50 each. Draw the budget constraint wherechocolate bars are on the vertical axis and ice-cream cones are] on the horizontal axis. Clearly indicate at what quantities will there be a kink in the budget constraint.
Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars. Demand deposits, Money market mutual funds, Savings deposits, including money market deposit accounts
Assume that a national restaurant firm called BBQ builds 15 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings. To help partially defray the cost of this expansi..
1. There is a fruit seller who has 30 Kgs of apples to be sold and he wants to fix a price so that all the apples are sold. There are three customers in the market and their individual demand functions are given below:
Assume instead there is uniform taxation, so that all individuals face the same tax price. Recall that along each individual’s demand curve, the price equals the marginal rate of substitution. Thus, MRS = p=k Y/G , The marginal rate of substitution i..
Explain why an Analyst working for the Anti-Trust Division of the Justice Dept. would benefit from understanding cross elasticity of demand when evaluating the proposed merger of Coca Cola Company and Pepsi.
q1. firms with costs c q2 36 face demand p 24 - nq and behave under the rules of monopolistic competition. compute
There’s a gas shortage in Gasland. You’re presented with two proposals that will achieve the same level of reduction in the use of gas. Proposal A would force everybody to reduce their gas consumption by 7 percent (regulatory policy). How will the pr..
q.assume that the economy can be described by the following 3 equationsut-ut-1-0.4gyt-5 okuns lawpit-pit-1-ut-4
Please make a table in the above form but showing FC (fixed cost), VC (variable cost), AC (average cost), MC (marginal cost), MR (marginal revenue) and find the profit maximizing level of output.
Suppose that Period 1’s demand for groundwater is given by the linear equation QUOTE PToday=$10-0.4*QToday . Furthermore, suppose climate change causes Period 2’s demand for groundwater to be a different linear eaquation, QUOTE PFuture=$12-0.3*QFutur..
Determine the total consumer surplus and the total producer surplus; Label these areas on your Graph.
People often argue that economic rewards in society should be meritocratic, that is, that everyone should have an equal opportunity to get ahead and those that do succeed because of their greater ability, hard work, and so on, should then be allowed ..
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