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Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However, other vending machines dispense only one item (the item you bought). You do not have access to all the goods (sodas, candy, snacks, etc.) at one time. Using the concept of marginal utility, explain why these vending machines differ? 2. Amy is shopping at a dollar store. She is currently buying 5 bracelets that cost $1 each and 4 sodas that cost $1 each. The table below indicates the marginal utility she obtains when she purchases this combination. Quantity Marginal Utility Bracelets 5 30 Sodas 4 40 a. Is this consumer maximizing his/her utility? b. If not, should she consume more bracelets or more sodas? Explain. c. Answer the following assuming that one more bracelet is purchased and one less soda is consumed: 1. What happens to the Marginal Utility of bracelets and the Marginal Utility of soda? 2. What happens to the Total Utility received? 3. What happens to the total dollars spent?
Macroeconomics deals with the economy as a whole. The millions of individual microeconomic decisions of the people, businesses, and government in their totality represent a nation'
Types of Taxes Which a Government can impose on the citizens are as follows: With the theory of taxation covered, we can now move towards the actual menu of the taxes the gover
Question 1: Consider a two-period, two-person pure exchange economy. Utility functions and endowments are given as follows. u1(x0; x1) = (x0x1)2 and e1 = (18; 4) u2(x0; x1) = ln x0
Instructions For the following 10 questions, consider an economy which is initially in equilibrium without a tax, with P* of $90 and Q* of 10. Later, a tax is put on the market
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explain the effects of various injections and withdrawals and show the equilibrium in the circular flow
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Q. How to evaluate total savings? Total savings Total savings S(r) depends positively on the real interest rate Remember that total saving
What are the instruments of monetary policies
Due to the recent downturn in economic activity, Taz, has seen his hours at work reduced. He used to work 30 hours a week at $13 and hour, but now he works 22 hours. Due to this
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