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Suppose everyone in a neighborhood consumes hotdogs, h and pop, c. The regular prices of one hotdog and one can of pop are p1 = $3 and p2 = $2 respectively. Everyone has m = $60 to spend. The local fast food outlet sometimes o ers the following two promotions. Either (1) you can receive a free can of pop with each hotdog you buy (you can buy more cans if you want at the regular price) or (2) you can enjoy a one-third reduction, from $3 to $2, in the price of hotdogs. (a) Plot the budget set when there is no promotion. Write down the equation of the budget line. (b) On the same graph, plot the consumers' budget sets corresponding to promotions (1) and (2). (c) Draw example indi erence curves to show a person with what preferences would choose promotion (1) over (2). What person would choose promotion (2) over (1) instead? Would anyone prefer to use neither of the two promotions if they are both o ered?
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
construct a production possibilities curve for a hypothetical country. put public capital goods per year on the
During the period of airline regulation, the government set airline fares and regulated an air carrier's entry into and exit from particular markets.
The total costs of a firm under perfect competition is given by the equation TC = 5,000 + 4Q + 2Q^2 and the market price is $100 per unit.
In classe, we showed that any player 10s strategy b0 1 > v1 is weakly dominated by strategy b1 = v1. Combine the above two statements, what conclusion can you draw Why this conclusion is relevant if we want to show (b1 = v2; b2 = v2) is the domina..
Through its policies and institutions, how has the US influence US long run economic growth? Why might persistently large borrowing by the US government ultimately limit long run economic growth in the future?
Suppose you work for a drug manufacturing corporation that holds a patent on Hair Grow, the world most effective drug for restoring hair.
work decisions are based upon a comparison of priviate cost and the private benefit. The excludedable benefit of addtional work is measurable as the change in what options - income less transfer payments lost, gross income, net tax payments, adjus..
A construction manager earns $70,000 every year working for a regional home builder decided to open his own home building company.
We are in the midst of a slow growing economy in the aftermath of a severe recession. During the economic downturn many businesses laid off workers very quickly once they forecast their sales were dropping. What is the economic reasons behind cutt..
Demonstrate each of the following events by a production possibility frontier graph, and examine what the effects of it were on economic growth;
compare and contrast monetary and fiscal policy in the context of an economy experiencingnbspa recessionary gap. what
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