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Leena spent $100 per month on pens (X) and CDs (Y) at the Enron company store. Pens cost $2, and CDs cost $5. In July 2015, Leena purchased 15 pens and 14 CDs. Her utilometer readings at the end of the month showed that the marginal utility of the last pen was 10 utils and the marginal utility of the last CD was 25 utils.
a. Write the equation for Leena’s pen/CD budget constraint.
b. True or False: Leena was at the tangency point between her budget constraint and an indifference curve.
c. Explain your previous answer (in several sentences and/or equations)
Name three products for which impatience on the part of the consumer enables a firm to price-discriminate. At many amusement park, customers who enter after 4 pm receive a steep discount on the price of admission. Explain how this practice is a form ..
ABC Corporation is considering an expansion project. The necessary equipment could be purchased for $22,551 and shipping and installation costs are another $1,581. The project will also require an initial $7,784 investment in net working capital. The..
One has yearly income $10000, the other has yearly income $90000. Illustrate what is the Gini coefficient for this society.
Considering what you have learned about “comparative advantage” and relative “marginal opportunity costs,” discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers)..
Would you say the firm is price discriminating? Why or why not, and if yes what type of price discrimination is this? If people began trading these hard drives freely between the US & Mexico, what would happen to the price?
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain..
This is a team discussion on “creating value” for customers, “relevance”, and “strategy”. I posted three articles titled "Value Proposition", “Preference vs. Relevance” and “Negatives_Relevancy” for this team discussion under Week 1 module.
A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that..
Counterfeit goods continue to enter the United States in massive numbers. Indeed, in recent years the U.S. Customs and Border Protection Service has seized over 15,000 different shipments of counterfeit goods per year, including clothing, watches, an..
What would be the monopolist price and quantity? Calculate the profit for the monopolist and the DWL . Calculate the learner index for this monopolist. Now assume that the government imposes a specific tax of $1 per unit. What will happen to price an..
Your state has a retail sales tax of 10% but it exempts food, prescription drugs, and all services including housing services, repair services, and use of electricity and other public utility services.
is this the same quantity that the competitive market would have provided in equilibrium? What are the market forces leading to this quantity?
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