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A consumer has $100 to divide between purchasing wine and quiche. Suppose wine costs $10 per bottle if the consumer purchases up to 5 bottles. After that, it is $5 per bottle. Suppose quiche is $5 each. Please draw the budget line. Will a consumer purchase exact 5 bottles of wine? And why?
An investment of $5000 in Biotech common stock proved to be very profitable. At the end of 3 years the stock was sold for $25000. What was the rate of return on the investme
The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2.112 hours, and the anticipated overhead costs are $840,576 for the
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x
Recall that the Lerner formula or condition states that (p-MC)/p = 1/E. Write down the profit maximization conditions for pj j=X,Y. Can you write down the Lerner conditions
How does the income approach to measuring GDP differ from the expenditure approach Explain the meaning of value added and its importance in the income approach. Consider the
At the end of 1973 Japan had a per capita real output of $14,379. If, on average, Japan's real per capita output grew at a rate of 3 percent per year between 1973 and 1993.
Suppose a country can produce a maximum of 10,000 jumbo airliners or 2,000 aircraft carriers. a. What is the opportunity cost of an aircraft carrier b. If another country offe
You are given the following model that describes the economy of Hypothetica. 1)Consumption function: C=100 + .8Yd 2) Planned investment: I = 38 3) Government spending: G = 75
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