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1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when:
a. (Use Black): Px = 57,Py = 18, and M = 342.
b. (Use Blue): Px/Py =4/5 and M/Py = 20.
c. (Use Red): M/Px = 14 and M/Py = 16.
d. (Use Pencil): Px/Py =4/5 and the bundle (19, 16) is on the boundary of the feasible set.
How might you determine whether flute-playing ability is a highly heritable trait? If you want to improve your flute playing and someone tells you that musical ability is heritable
discuss the implications of various market structures(competitive and non-competitive) for price determination
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a down
How might a country exchange rate influence the balance of payments? Definition of the exchange rate; price of domestic currency in another (basket of) currency (currencies). C
1. Cost minimizing firms must be profit maximizing as well. False, why??
Is indian companies running arisk by not giving attention to cost cutting
What do you mean by Consumption Set? Consumption Set: We notice a consumer faced along with possible consumption bundles within consumption set X. We generally assume that X
Discuss the impact of rational self-interest on each of the following decisions
True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable."
Which of these will be included in US GDP for 2005? a) A car produced in Japan in 2005 and sold in the US in 2005 b) A car produced in the US in 2004 and sold in Japan in 2005 c) A
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