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Suppose that Michael and Dwight each have a $60 weekly entertainment budget. They pay the same prices for two goods, "an evening reading books" (an ERB) and "an evening of beer and bowling" (a BAB). The price of an ERB is $20, and the price of a BAB is also $20. Michael prefers an evening reading books (ERB), and Dwight prefers an evening of beer and bowling (BAB). Suppose ERBs is measured on the vertical axis and BAB is measured on the horizontal axis. a. What is the linear equation for the budget line? b. Draw Michael's indifference curve and Dwight's indifference curve on the diagram. Briefly describe how the diagram depicts their different tastes.
Consider an economy that produces only three types of fruit: apples, oranges & bananas. In the base year the production & price data are as follows: Fruit
#question.Q8. In 1961, Germany faced the dilemma of an external surplus and a booming economy. As a result, speculative capital flowed into Germany and the Germans felt obliged to
The total value of loan in an economy is Rs. 400 million and the reserve ratio is 20 per cent. An enhance of Rs. 15 million in the money which the public keeps in commercial ba
Compute the following probabilities a) If Y is distributed N(1,4) find Pr(y ? 3) b) If Y is distributed N(3,9) find pr(y>0) c) If Y is distributed N (50,25) find pr(40?Y?5
Once Y is determined, almost all of the other variables are determined since they are either exogenous or they depend on Y. From Y we can determine C by consumption function, I m
If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good that is sacrificed) remains constant, then the shape of the productio
Should the government increase, decrease or remain the same in its level of intervention when it comes to mandating that companies provide product information to consumers? What ha
Q. Aggregate supply in AS-AD model? In order to figure out all the variables in AS-AD model, we need one more equilibrium condition so that we can identify a unique point on AD
list of all theories of business cycle theories
list and discuss the major markets and four agents in the circular flow economic?
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