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Maria consumes two goods, strawberries and other goods. Because of her exquisite taste, she buys her strawberries from a particular vendor. Her preferences over other goods y and strawberries x is characterized by a utility function U(x, y) = x + y, where y is measured in dollars and x is measured in pounds. Her income is $30/month. (a) In May strawberries cost $1.50/pound. What is her consumption choice? Justify either with math or a graph. (b) In July strawberries are $.50 (50 cents)/pound, what is her optimal consumption choice? Justify either with math or a graph. (c) In August her favorite vendor has a special: Strawberries are $2/pound, but a you get a $15 prepaid credit card with a purchase of 10 pounds of strawberries (think of this as getting cash back). What is her optimal consumption choice? Justify either with math or a graph.
The price elasticity for the product of your company on the market is Ep = -0.8. You are selling the product for $10 per unit. What would occur to the total revenue coming from this product is you increase price to $11 per unit?
Graph the demand curve on a standard supply and demand graph. What is the quantity demanded of corn at a price of $6.00 per bushel? at $4 per bushel? Using the midpoint formula for the price elasticity of demand, calculate the price elasticity of dem..
Explain how to measure the price elasticity of demand and supply and the cross-elasticity income elasticity of demand? Explain the elasticity of supply for gasoline?
If the rate of inflation in consumer prices is less than the rate of increase in a person's nominal income, that person's:
The banking system currently has $100 billion of new reserves, none of which are excess. People hold only deposits and no currency and the reserve requirement is 10%. If the Fed lowers the reserve requirement to 8% and at the same time buys $10 billi..
A proposed project has indefinite life. The initial cost of the project is $70,000. There will be a onetime investment of $100,000 at the end of Year 6, and an operation cost of $10,000 per year from the end of Year 10 through infinity. If the intere..
What does "the amount of a nation's output" mean exactly? Does it increase even if government expenditure goes up as a reaction to a disaster?
If congress took steps to consolidate banks, thereby reducing the total number to 2,500, illustrate what would you expect to happen to costs within the banking industry.
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
Illustrate what do you think will be the impact of the federal reserve bank $600 billion purchase. Apply ALL of your knowledge on MONETARY POLICY to answer this question.
Consider changes in the supply of fresh orange juice. Give an example of a change in the price and quantity supplied that would demonstrate each of the following. Elasticity, Inelasticity
Evaluate the importance of gold as an international asset. Discuss the historical importance of gold as an international reserve asset, including the functions it fulfilled. Finally, discuss whether the United States should return to the gold stan..
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