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A consumer cares only about the total amount of beer he drinks. Therefore he considers two 12 ounce cans of beer to be as good as one 24 ounce bottle. Suppose these are the only two goods available to this consumer. The price of a 12 ounce can is $1.00, while the price of a 24 ounce bottle is $3.00 due to higher packaging costs.
a) Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
b) What is his optimal consumption bundle? Explain your reasoning.
c) Fixing the price of a 24 ounce beer at $3.00, what must we make the price of a 12 ounce beer to have the consumer purchase both goods?
d) At the price you determine in c) what is the best choice? Explain.
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Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
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The Canadian economy is in long-run equilibrium. Assume the following events occur one at a time. Show the effect of each event on Aggregate Demand and Short-run Aggregate Supply in Canada by shifting only one curve.
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Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
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