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Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Iggy initially has 12 cigarettes and 5 cups of coffees.
a. Find an equation that gives every bundle of cigarettes and coffee that Iggy could trade for.
b. Iggy has a MRS = -5 when he is holding his initial bundles (cigs, coffee)=(12,5). Given the rate of exchange, would Iggy trade cigarettes for coffee, or coffee for cigarettes?
Gomez runs a small pottery firm. He hires one part-time worker at $12,000 per year, pays annual rent of $5,000. for his shop and spends $20,000. per year on materials. Gomez has $40,000 of his own funds invested in equipment (pottery wheels and kilns..
Illustrate what will be level of employment under monopsonistic conditions.
If this speculation proves to be reality could it put the brakes on rising living standards around the world as well as have negative ramifications for the United States?
A monopolist faces the following demand curve: P = 120 - .02Q . The firms cost function is given by C = 60Q + 25; 000: Assume that the firm maximizes profits. What is the level of production, price, and total profit per week? What will be the level o..
Consider these bundles: Bundle A: 2DVDs and 3 Cds; Bundle B: 3 DVDs and 1 CD; Bundle C: 1 DVDs and 3 CDs. Which of the following violates the assumption of non satiated preferences?
Experience does not necessarily have to be work experience. Discuss market equilibrating process in relation to your experience. One of early economic "laws" was called Say's Law which stated that supply creates its own demand.
The size of the market will help determine which of the following factors:
The more narrowly we define a good, the easier it is to find substitutes, and
A bank borrows money from another bank on an overnight basis to meet reserve requirements. This money would be borrowed. determines the relative worth of money.
Illustrate what are the values of public saving,national saving and private saving.
Evaluate the economic growth and development economists. Determine which economist you feel made the most significant contribution to economic theory.
Purpose of the business in terms of the product or service you intend to provide through your business
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