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CONSUMER PROBLEMS
1) Representing Budgets and Preferences: How do you translate from a description to budgets/indifference curves
2) Optimal Choice: At the optimal bundle what relation does the indifference curve have to the budget line?
3) Risk and Insurance: How do we represent a risk-averse consumer’s preferences over consumption in mutually exclusive and probabilistic states of the world.
4) Demand: How does optimal choice respond to changes in prices and incomes, at the individual and market level, for difference sorts of goods?
Demand for good X is x=100-P, where P is the market price of X. A monopolist supplies this market and has a cost function 15x. When the monopolist produces his optimal level of X, what is the resulting dead weight loss on the economy?
A drought in Alberta and Saskatchewan has made grain, and therefore cattle feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. As it happens, the slaughter of beef cattle has coinci..
A Big Mac costs $5 in the U.S. and 7 euros in Germany. If the exchange rate is 0.6 Euros per dollar, is the dollar undervalued or overvalued against the Euro? What would you expect to happen in the currency market? What objection do you have to using..
if la jolla could obtain additional of the white wine, should they do so. if so how much should they be willing to pay for each additional gallon and how many additional gallons would they want to purchased
Consider a labor market where the current equilibrium wage rate (W) is S5 and there are 50,000 individuals employed. Assume that the elasticity of demand for labor (ED) is equal to -0.2 and that the elasticity of supply (Es) is equal to 0.1. Now, if ..
Keynesians would likely agree that: A. all unemployment is frictional unemployment. B. if a person isn't working, that's his or her own choice. C. structural and cyclical unemployment are more common than frictional unemployment. D. unemployment is i..
“When countries specialize, total world output increases, and therefore, the potential for greater total world consumption also increases”. Do you agree or disagree with this statement? Explain and give examples.
What happens to the budget line if the government applies a specific tax of $1 per a gallon of gasoline but does not tax other goods? What happens to the budget line if the tax applies only to purchase of gasoline in excess of 10 gallons per week?
Considering a machine which will have an estimated service life of 10 years with a salvage value of 10% of the investment cost. Its expected saving from annual operating and maintenance costs are estimated to be $60,000.To expect a 15% rate of return..
The demand for inputs is derived from the market demand function. With inelastic demand, aprice increase produces lower marginal and total revenue. Two products are complements if the cross-price elasticity of demand equals zero.
A market for baby bottles has the following supply and demand functions qS = 6 + 3p qD = 14 2p. What are the equilibrium price and quantity in this market? Calculate the Consumer Surplus, Producer Surplus, and Total Welfare levels. 2
Research and identify the salient features of the Fair Labor Standards Act (FLSA). Provide a definition of exempt and nonexempt employees. State at least three criteria that differentiate an exempt and nonexempt employee.
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