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Donna buys goods X and Y. She can just afford the bundle X = 6 and Y = 11. She can also afford X = 12 and Y= 8. Each of these bundles exhausts her income.
(a) Draw Donna’s budget line.
(b) What is the ratio of the price of x to the price of y?
(c) If Donna spent all her money on x, how much x could she buy? If she spent all your money on y, how much y could she buy?
(d) Write a an equation that gives you Donna's budget line when the price of x is 1
A small consulting firm is only interested in hiring College graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(..
Generate options for solving the problem in the scenario. Evaluate the options for solving the problem. Decide on the best option for solving the problem. Explain how you will implement the decision made and reflect on whether this option was the mos..
A machine with a useful 10 year life is to be depreciated by the MACRS method over 7 years. The machine has a first cost of $35,000 with a $5,000 salvage value. Its annual operating cost is $7,000 per year. The depreciation charge in year three is ne..
Illustrate what is the marginal cost of a string. Calculate marginal revenue and marginal cost for each quantity.
Suppose that a certain country has an MPC of 0.9 and a real GDP of $500 billion. If its investment spending decreases by $12 billion, what will be its new level of real GDP?
How do you feel the study of Managerial Economics will benefit you as a business and household decision-maker?
Suppose that the authorities had effectively prohibited price-gouging and somehow managed to ensure that their action had no effect on the quantity of ice in the area. What would have been the effect on social welfare?
What are the three factors that determine the behavior and ultimate value of people in an organization? From a manager’s perspective, which is the most important factor of the three? Give an example, supporting your choice.
'The Theory of Individual Behavior', and much of the chapter is devoted to the use of indifference analysis to build a framework for demand theory. Indifference analysis goes to great lengths to explain consumer behavior and how consumers make choice..
Important policy objectives of the federal government include economic growth, high employment, price stability, and a balance in international transactions. The achievement of these objectives is the responsibility of monetary policy, fiscal policy,..
Moving beyond this particular episode, briefly discuss how do asymmetric information, adverse selection, and moral hazard affect the future of health care policy in the United States.
Choose two real-world companies in different industries, one that you feel faces elastic demand and one that you feel faces inelastic demand. In each case, you are an economist working in the company and you have come to a conclusion of what kind of ..
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