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In a two year setting Rod has earnings of $8000 this year and earnings of $25,000 next year. He can borrow or lend at an interest rate of 25%. Draw his budget line including endpoints. What is the slope of the budget line? What is the interpretation of the slope? Suppose that Rod could choose, instead, to earn $22,000 this year and $10,000 next year. Would Rod choose this second option? Why would it be wrong to add together year one earnings and year two earnings in deciding his choice? What must you do instead? Prove which he would prefer. Does his choice depend on anything other than financial considerations?
Explain what you would rather maximize your total or marginal utility? How do you think you would determine when to stop consuming if you were at an all you can eat buffeted?
The changes in the macroeconomic indicators affect the economic decisions of the 3 economic agents (household, firms, and government). Assume you are a business owner (manager). How do you use macroeconomic indicators in your business plan and strate..
The XYZ Printing Co. wants to calculate the cost of adding a third machine. Comment on the following statement made by the company accountant: “If we add a third printing press, our total costs will increase from $870 to $960. Therefore the marginal ..
Calculate the standard deviation of annual sales. Calculate the coefficient of variation of annual sales.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
A CFA charterholder is the Fund Manager for a non-profit organization. During a presentation regarding the restructuring of their investment portfolio's asset allocation, the Head of the Finance Committee questions the manager. As part of his resp..
Briefly describe the origin and growth of government-provided pensions beginning with Germany in 1881 and attempts to establish a federal pension in the U.S. prior to 1935
The various kinds of health professionals are educated in separate schools but with considerable overlap in curricula and training requirements. They are, however, expected to integrate their training and work together after graduation. Identify the ..
Consider two communities. In one community, ten families have incomes of $100,000 each and ten families have incomes of $20,000 each. In the other community, ten families have incomes of $200,000 each and ten families have incomes of $22,000 each. Wh..
Suppose that after five years consumer spending doubles to 400. Explain how much do you believe will be the budget share of leisure.
how the limit on the amount of reimbursement is not the only effective way to decrease expenditures for health care if health care providers succeed in increasing the demand.
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
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