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Consider a consumer who has utility function u(x, y) = min{2x, 3y} where x, y are amounts of goods X, Y consumed respectively.
(a) If px = 1, py = 1, consumer has total budget w = 10. What’s the optimal consumption bundle of this consumer? Explain in detail, using either graph or algebra to justify your answer.
(b) If there is an inflation which doubled the prices px, py as well as the wealth w. Consumer preference is still the same as before. What will be the consumer’s optimal consumption bundle in this case? Explain your answer clearly.
International businesses frequently face sourcing decisions and decisions about whether they should make or buy the component parts that go into their final products. Should the firm vertically integrate into the manufacturing of its own component pa..
In this module, it is demonstrated that some times extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in a multiple of plants. Suppose a beer brewing company has determined that its..
Consider an investor who, on January 1, 2016, purchases a TIPS bond with an original principal of $100,000, an 8 percent annual (or 4 percent semiannual) coupon rate, and 10 years to maturity. From your answer to part a, calculate the inflation-adjus..
Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. After the papers are filed, Scoop Masters begins shredding all documents pertaining to its ice cream-making process. Since no m..
Demand Shocks – As we’ll continue to discuss in class, a recession may reflect declines in aggregate demand, aggregate supply, or both. Are swings in consumer sentiment characteristic of recessions? Plot a measure of sentiment (FRED code: UMCSENT) an..
q.consider an economy with no production. the economy is endowed with 50 bushels of alfalfa a and 50 bushels of barley
Consider a hypothetical closed economy in which households spend $0.65 of each additional dollar they earn and save the remaining $0.35. The marginal propensity to consume (MPC) for this economy is? , and the multiplier for this economy is ?.
Where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. Suppose that Kalamazoo's marginal cost is $20 per cubic yard and its avoidable fixed cost is $100,000 per year. what is its profit-maximiz..
Illustrate what is the firm's average total cost of producing 100 units. Illustrate what is the firm's average total cost of producing 101 units.
When estimating the demand for tourism what are the relevant variable that must be included for the "generating are, and the destination area? Describe four major factors, other than price, likely to influence demand for a resort hotel in Acapulco.
Describe the Board of Governors. Be sure to include the number of years that they serve and the importance of appointing them for that number of years, how many members are on the board.
On the horizontal axis, K/L represents capital (K) per work hour (L). On the vertical axis, Y/L represents output (Y) per work hour (L). 10. Refer to Figure 1. The curve becomes flatter as the amount of capital per work hour increases because of a. i..
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