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A country recently passed a food stamp legislation. Qualified households are given food stamps, which can be used to purchase foods, but they cannot legally re-sell the food stamps. Suppose a household receives a grant of $600 of food stamps per month. How will this household’s budget line be affected?
(Hint: Consider two goods: food and other goods.)
Calculate the marginal revenue product given this information and how many real estate agents will the manger hire if the wage rate is $32,000? Why?
Assume that you have $165,000 invested in a stock that is returning 11.5%, $85,000 invested in a stock that is returning 22.75%, and $235,000 invested in a stock that is returning 10.25%. What is the expected return of your portfolio?
Consider a typical village money lender in a loan market where competition among money lenders drives the rural rate of interest to a point where each lender on average earns zero expected profits (over and above the opportunity cost of funds to l..
Calculate output, marginal cost, averagecost, price and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level.
Assume that securitization combined with borrowing and irrational exuberance in Hyperville have driven up the value of existing financial securities at a geometric rate, specifically from $4 to $8 to $16 to $32 to $64 to $128 over a six-year time ..
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes
The contract reflects Boeing's effort to reduce costs and production bottlenecks resulting from supply shortages. The contract specifies prices and guarantees quantities of raw aluminum to be delivered to BCAG's suppliers.
Suppose if pollution is bad, why is there any tolerance and programs for pollution rights, tax incentives, and subsidies?
1) What is flex time and what advantages/disadvantages does it give companies and workers2) Why does statistical estimation need caution especially regarding the long run 3) Why are economic profits such fleeting things for a perfectly competitive f..
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls. Explain your answer and use tables and graphs to illustrate.
When choosing between bundles of beer and pizza, I always look first at the amount of pizza and choose the bundle with the largest amount of pizza. If any two bundles have the same amount of pizza
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2. (MC = 10 + 4Q). a. What price should the firm charge in the short run? b. Ho..
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