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1. Presume Richard has an after-tax income of $500 per week and should spend it all on food or clothing. If food is $5 per pound and clothing is $20 per piece, draw his budget line on a piece of graph paper, where the amount of food is gauged along the vertical axis and the amount of clothing is measured along the horizontal axis.
2. Sarah has $300 to allocate among opera tickets and movie tickets. The price of each opera ticket is $60, and the price of each movie ticket is $6. Her marginal rate of substitution of opera tickets for movie tickets equals 5, regardless of what market bundle she chooses. How many opera tickets does she purchase?
Assuming that overall taxes are cut by 10 percent across the board. What's likely to happen to equilibrium output and prices How will the tax cut affect government revenues in the new equilibrium
the supply curve for product x is given by qxs -520 20px .a. find the inverse supply curve.p qb. how much surplus
a successful supply chain strategy includes good design and implementation. however supply chain strategy is not
microeconomics sectionpart a1. choose two of the following to explain with economic intuition. please be concise.a if
Think a competitive industry consisting of one hundred identical firms each with the following cost schedule,
Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences. What are some examples of goods that the U.S. has comparative advantage in producing
Using indifference curves and budget constraints, show how a government program that increases education and job training for low-skilled women can increase low-skilled female labor force participation over time. Assume everything else about women..
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.Hourly Wage Hours per week
if current output is such that marginal cost exceeds marginal benefit should more or less resources be allocated to
4.The opportunity cost of producing one more hot dog is $1.00. The price of a hot dog is $1.50. The producer surplus from selling one more hot dog is,The demand curve for hamburgers is the same as the,Markets may not achieve an efficient allocation..
the table provides information on the supply schedules of hot air balloon rides by xavier yasmin and zack who are the
1 why does the economic transfer price to the consumer include implicit cost normal profits externalitiea and other
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