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Sam spends $6/wk on orange juice and apple juice. Orange juice costs $2/cup while apple juice costs $1/cup. Sam views 1 cup of orange juice as a perfect substitute for 3 cups of apple juice. Find Sam’s optimal consumption bundle of orange juice and apple juice each week. Suppose the price of apple juice rises to $2/cup, while the price of orange juice remains constant. How much additional income would Sam need to afford his original consumption bundle?
Bruce has the same income and faces the same prices as Sam in Problem 1, but he views 1 cup of orange juice as a perfect substitute for 1 cup of apple juice. Find Bruce’s optimal consumption bundle. How much additional income would Bruce need to be able to afford his original consumption bundle when the price of apple juice doubles?
q.government budget constrainta write the governments lsquolifetime budget constraint assuming its lifetime is just
Diana borrowed $2,000 from Pat and promised to pay him $2,165 after 1.5 years. What simple interest rate did she have in mind? How long does it take double an investment of $20,000 if the investment pays only simple interest at the rate of 3% per yea..
Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Each player ha..
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Find out the optimal prices, the number of tickets sold in each area and the seller's profit given that the seller wants to serve all consumers.
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Why does the Great Salt Lake, which is wholly within the state of Utah, suffer lower levels of pollution than Lake Erie, which is bordered by several states and Canada?
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
Assume increase in government spending. Would the effect on AD be larger if the Fed held MS constant in response or if the Fed were committed to maintaining a fixed interest rate?
Identify a company in your local or generalized area that you would classify as a monopoly - Explain the key reasons why you classified the company as a monopoly.
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