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The only two goods that give Bart utility are soap and calculators. When calculators cost $8 each and soap costs $2 per bar, his optimal consumption bundle is 8 bars of soap and 4 calculators. What is his income? Now the price of soap rises to $3 and the price of calculators falls to $6, so he can afford a combination of 10 soaps and 3 calculators if he so desires. Would it make any sense for him to consume this new combination? (: Draw a graph)
Elucidate why the equilibria found in part (a) are only short-run equilibria. What will happen in the long run.
Multinational enterprises are sometimes compared to colonial enterprises that operated at the end of the 19th century. Colonial enterprises were often private firms that benefited from government protection and control of foreign countries. Is this a..
The following graph shows the daily market for wine when the tax on sellers set at $0 per bottle. Suppose the government institutes a tax of $5.80 per bottle, to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax ..
Which of the following scenarios is an example of a transmission lag? Which of the following scenarios is an example of a data lag?
Contrast the ideas of nominal GDP and real GDP. Why is one more reliable than the other for comparing changes in the standard of living over a series of years? Apply the concept of a price index to comparing the rise and fall of gas prices over a sev..
Income elasticity can be either positive or negative depending on an item we are considering?
Ms. Fogg is planning an around-the-world trip on which she plans to spend $10,000. Her utility from the trip is a function of how much she actually spends on it (Y), given by: uppose that people who buy insurance tend to become more careless with the..
Elucidate in detail how banks operate. Include a description of how banks generate profits.
Suppose there are two firms, Boors and Cudweiser, each selling identical-tasting nonalcoholic beer. Consumers of this beer have no brand loyalty so market demand can be expressed as P = 5 − .001(Qb + Qc). Boors operates with out-of-date technology an..
What is the point price elasticity of demand at a price of $70? What is the point price elasticity of demand at a price of $60?
You are the Benefits Manager for ABC Corporation. The company has grown considerably from a small family-owned business. It has never had a paid vacation policy in the past, and you need to establish one.
A monopolist faces the following demand curve: P = 120 - .02Q . The firms cost function is given by C = 60Q + 25; 000: Assume that the firm maximizes profits. What is the level of production, price, and total profit per week? What will be the level o..
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