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Consider commodity space where x1 is food and x2 is everything else. Allow food to have the price p1, and allow everything else to have the price of dollars, so p2 = $1. Denote income as m.
(a) Write out your budget set using mathematical set notation. (you do not need to label the currency.)
(b) Now let us assume you need a minimal amount of food, x1 to stay alive. Rewrite this budget set using mathematical set notation with this additional (and reasonable) assumption.
(c) Graph this new budget set. Be sure to label both the horizontal and vertical axes and any vertical and horizontal intercepts (this time it will be in variables not actual numbers). Lightly shade in the area that represents the budget set.
(d) Is this new budget set convex? [HINT: if you draw a line between any two points in the set (including on the boundary) does the line stay inside the set (inside here meaning it can be on the boundary but does not go outside the set).]
The demand curve for two liter bottles of soda is given by QD=4000-300P, and the supply curve is given by QS=1300P. In an effort to reduce soda consumption, the government has placed a tax of $4 per two-liter bottle that is added to the consumer’s bi..
British historian of late 19th century, (Acton, 1887) said that "power tends to corrupt; absolute power corrupts absolutely," suggesting that a person's sense of morality lessens as his or her power increases. Do you agree? Considering this idea, is ..
If interest is compounded at 15% per year, how long (i.e., the number of year-long periods) will it take for $50,000 to accumulate to $66,125? Hint: you can check your work using the FV function in Excel with the annual payment set to zero, since we ..
What provision of the U.S. Constitution has played the most important role in the development of civil rights policy?
The largest corporation based in the United States is: In addition to agricultural products and manufactured goods, the United States is also the world's largest exporter of: In order for a marketer to operate efficiently in a foreign country, it is ..
Most business in the U.S. is conducted by corporations, and corporations popularity results primarily from their favorable tax treatment.
The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 10.1 Output Price Marginal Cost 0 $1 $0 1 $1 $1.00 2 $1 $.80 3 $1 $.70 4 $1 $.50 5 $1 $...
If a country is currently producing 11 units of health care and 16 units of education, what is the opportunity cost of producing 5 more units of education?
When a rival firm cuts its price, the best strategic response of the firm, in many cases, is to retaliate with a price cut of its own. What practical advices or tactics would you provide to business executives as to what they can do that won’t land t..
Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
The following are the three research documents that play an important role in the monetary policy process and at Federal Open Market Committee except the. Among the research ?documents, the only book that is given to the public is the
q.write a report in dissertation format in apa style with at least of 300-350 words also use apa template in doc
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