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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.
A major component of the costs of many large firms is the cost associated with ordering and holding inventory. If the yearly demand for the good is D and the size of each order p
what is automatic stabilizer, example with diagram or graph please
How does an increase in income affect a consumer's budget line and their total utility?
solutions to central problems of economy.
One alternative way to calculate the total change in money supply when the Fed injects money into the economy or takes away money from the economy is the amount of money injected o
how is it calculated
Your firm usually uses about 200-300 tons of steel per year. Last year, you purchased 100 tons of steel than needed (at a price of $200 per ton) In the meantime, the price of steel
Illustrates about the terms of elasticity? • Definition of elasticity a. Price elasticity of demand b. Income elasticity of demand and c. Price elasticity of supply
Who was the Labour Chancellor Gordon Brown In the period between 1997 and 2006 the Labour Chancellor Gordon Brown was committed to self-imposed Sustainable Investment Rule that
In the short run, the discrepancy between actual and expected price level causes changes in output and employment. But in the long run, if all other things remain constant, the hig
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