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Over the past decade medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity of other goods. Furthermore, let income (M) be measured in hundreds of dollars, the price of medical services and other goods in terms of dollars per minute, with, and .
i. Graph the budget line, and determine the market rate of substitution.
ii. Illustrate the budget set.
iii. Show in your graph what happens to the budget constraint if increases to $15.
iv. What is the meaning of the slope of the two budget constraints?
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output.
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
illustrate what is which industry's marginal revenue as it increases o/p from 1300 units to 2200 units.
Allied Electrons must purchase a new automatic soldering machine to meet increased demand for its electronic goods. Of all the machines considered
Explain your answer statements be true at the same time. The unemployment rate in Tappania is higher now than it has been in 50 years.
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
Explain basic idea behind Big Push model. How can O-ring theory help explain existence of a low-level equilibrium that an economy may find itself.
Elucidate what would you recommend as a course of action, if any. For the industry you have chosen, discuss how price moves from today to the future.
From a purly business standpoint, do any issues arise from contracting with an international- based versus US based BPO service Firm?
What are the factors which led M&S to internationalize
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