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Suppose Shiva has preferences different from those discussed in class, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indifferent. If he consumes more bread than milk, however, every time he gives up 1 unit of milk he requires 2 additional units of bread to remain indifferent. A. With the quantity of milk (QM) on the vertical axis and the quantity of bread (QB) on the horizontal axis, sketch a representative indifference curve for Shiva. B. What is Shiva’s marginal rate of substitution at any bundle where QM > QB? What is Shiva’s marginal rate of substitution at any bundle where QM < QB? C. Suppose the price of bread equals 1, the price of milk equals 1, and Shiva’s income is 100. How much milk and bread will Shiva consume in order to maximize his utility? Provide a graph to illustrate your answer. D. Suppose the price of bread increases to 4, while the price of milk and Shiva’s income remain at the values in part B. How will this affect (i) Shiva’s optimal choice of milk and bread and (ii) his utility (i.e., will his utility increase, decrease, or remain the same)? Provide a graph to illustrate your answer.
You decide to start a business that provides computer consulting advice for students in ur residence hall. what would be an example of an implicit cost you would incur in operating this business ?
Growth rates of per capita GDP: Compute the average annual growth rate of per capita GDP in the each of the cases below. The levels are provided for 1980 and 2010, measured in constant 2005 dollars.
When banks borrow directly from the Fed, the interest rate on those loans is the. An increase in money growth will cause inflation to increase in. What is the purpose of the Fed's structure?
How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your class..
Everything else held constant, decreased demand for a country's exports causes its currency to ________ in the long run, and increased demand for imports into the country causes its currency to ________.
Suppose you are a marketplace analyst specializing in theme parks also you're examining Disneyland's stock.
A farmer uses a piece of land with the following accounting costs to grow a crop worth $1800. If a normal rate of return is $100 on such an investment, what will the value of the land be for use during this time period?
q.suppose that every driver faces a 1 probability of an automobile accident every year. an accident will on average
Illustrate what is the average inflation rate. Elucidate how would that affect the inflation rate.
the price of business travels drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel marginal rate of substitution between electronic media and business travel is - 1. Is t..
Supply and Demand in the U.S. Car Market. Please include a graph showing the initial equilibrium and the new equilibrium with the corresponding price and quantity and an explanation to support your answer.
On Friday nights, patients arrive at the emergency room at Mercy Hospital following a Poisson distribution at an average rate of seven per hour. Assume that an emergency-room physician can treat an average of three patients per hour and that the trea..
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