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ECON 301 Intermediate Microeconomics
1. Fully explain the economic problem facing the consumer and the two steps used in solving the problem.
2. Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods to the consumer.
3. Assuming diminishing marginal utility, calculate Ted and Cindy's value of apples and cheese assuming that Ted's MRS =5/3 and Cindy's MRS=3/8. In addition, if the market price of apples were $2 and the market price of cheese was $3, describe how Ted's and Cindy's relative value of the goods would change.
4. Assuming that a consumer starts with a level of utility equal to U2, which is the maximum utility the individual can attain given her income of I2 and the relatives prices of x=Px1 and of y=Py1, graphically show the effects of a price increase of x using the indifference curve analysis. In addition, fully explain the concepts of compensating and equivalent variation and how they would be calculated in the above example.
Discuss the various ways governments can handle externalities, such as noise from a local airport or a barking dog or building of commercial office space or an industrial building in a residential area?
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
Include a brief explanation of each choice and indicate whether you were very sure of your choice or whether you thought the classification depends on how the market is defined. Write a classifying each of the following industries into the appropriat..
This line is aimed at the low end of the market and isn't constructed on a wheel base. Writing instruments. This line includes mechanical pens and pencils which are sold to the middle-market segment between the low-end products such as Bic and h..
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function.
Why is marketing necessary for a practice or hospital to be successful? What considerations should be taken into account when marketing health care services or products? (Hint: Think about all the medication ads you see on TV or in magazines - how ..
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Please help describe profit maximizing decision of pure monopolist firm and compare it to the profit maximizing decision of the firm in a purely competitive market and a monopolist firm in the competitive market.
Which of the following statements about unemployment and inflation is false? A. The short-run Phillips curve demonstrates a negative relationship between unemployment and inflation, whereas the long-run Phillips curve is horizontal because the nat..
What is the first order condition for profit maximization for firm 1? compute the optimum quantity x1 for firm 1 as function of quantities x2 and x3.
Both countries have the same rate of depreciation (5%). Use the Solow model to calculate the ratio of their steady state levels of income per capita, assuming ? =1/3. a) Verbally, interpret your answer. b) How would your result change if ? =1/2?
Amy's card shop receives a shipment of valentine's day card in December 2013. Amy pays the wholesales distributor of the card a total of $500. In February 2014 she sells the cards for a total of $ 700. What are the contributions of these transactions..
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