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What is the mathematical relationship between the budget constraint and the indifference curve at the optimal choice point for Cobb-Douglas preferences? How does this relate to the concept of “equal bang per buck?” (Hint: Marginal utility per dollar for each good is equal at this point, right?)
You’re a commodity trader and you’ve just heard a report that the winter wheat harvest will be 2 billion bushels, a 40 percent jump, rather than an expected 30 percent jump. What would you expect would happen to wheat prices?
Crossroads Sign Case Assume you are the plant manager for Crossroads Sign Company, which produces road signs in a market that approximates perfect competition.
Find and plot the SAC and SAVC curves. For this function, the SMC curve is given by SMC(q) = 0.2q +10. Include this curve in your diagram for part b. Write the equation for the firm’s short-run supply curve and indicate it in the above graph
Which of the following events may decrease market labor demand? Choose all that apply.
A firm that sells e-books - books in digital form downloadable from the Internet - sells all e-books relating to do-it-yourself topics (home plumbing, gardening, and so on) at the same price. At present, the company can earn a maximum annual profit o..
Illustrate what effect this could have on the price of cigarettes also the quantity of cigarettes sold
Max Corporation has $10,000 in retained earnings that it has not distributed to its stockholders as dividends. It has a choice to invest the funds in a certificate of deposit at a bank at a guaranteed rate of 7 percent, or to plow back the funds in t..
Consider an industry in which n firms produce a homogeneous product. Demand for the product is given by p = a − Q, where a is a positive constant and Q is the industry output. Each producer is identical, having a constant marginal cost c. Find the eq..
If demand shifts left and supply shifts right, then we know that. A demand curve for beans will shift right if. Demand will be more elastic if
Consider the following Heckscher-Ohlin model: there are two countries, America and China, two goods, high-tech manufactures and low-tech manufactures, and two factors of production, skilled labor and unskilled labor. What happens to the wage of skill..
Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. How much time will Sam spend in leisure? How ma..
All the costs of exhibiting movies are fixed except for the $3.50 royalty payment you must make to the film distributor for each ticket sold. What price should you charge for movie tickets?
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