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Assume an individual is currently using all of his income to consume two goods, X and Y. If the prices of X and Y are $3 and $8, respectively, and the marginal rate of substituion of X for Y is four, is this individual maximizing his net benefits from consumption?
The trend toward two-family income has led to policies allowing only one family member to work for a company, flexible work schedules, pregnancy benefits, and elder-care programs or else.
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
B3 Oraganization is a manufacturing firm that uses job order costing. The company applies overhead to jobs using a predetermined overhead rate based on machine-hours.
At a time when demand for ready-to-eat cereal was stagnant, a spokesperson for the cereal maker Kellogg's was quoted as saying " for the past several years, our individual company growth has come out of the other fellow's hide.
What is the saving function? What is the marginal propensity to save and what is the aggregate expenditure function? What is autonomous expenditure? What is the marginal propensity to withdraw?
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
How does this operating objective change the size of the deadweight loss. If you are a "benevolent" manager of a monopoly firm and are interested in reducing the deadweight loss of monopoly, should you maximize profits or maximize revenue.
Fixed costs exist only in the short run. In the long run there are no fixed costs." Why might the time frame for the "short run" differ from one industry to the next? Provide examples of two industries with different time frames for the short run
The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1000 - 5Q.
Do these firms have an incentive to reduce their pollution? Explain with diagram. d. Modern economists suggest 2 solutions to the pollution problem above. Explain how a pollution tax (use diagram) and an emission permit trading scheme can both "so..
The supply curve shows a positive relationship between price and quantity supplied. Elucidate role does the loss of increasing opportunity cost play in this relationship? What role does profit play in this relationship.
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