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There are two goods in the world, pumpkins (x1) and apple cider (x2). Pumpkins are $2 each. Cider is $7 per gallon for the first two gallons. After the second gallon, the price of cider drops to $4 per gallon.
a) Peter's income is $54. Draw his budget line. Solve for the intercepts on the x1 and x2 axes, and the kink in the budget line.
b) Peter's utility function is u(x1,x2)= x1 + 3(x2). Find Peter's optimal consumption bundle.
c) Paul's income is $22. Draw his budget line. Solve for the intercepts on the x1 and x2 axes, and the kink in the budget line.
in the old days lighthouses were built along the coast to prevent ships from running aground on rocks in unfamiliar
assume that all the factors affecting demand in this model remain the same but that the price has changed. further
Suppose the Demand for baseballs is given by Q = 200 - 8P. a) What is the price elasticity of demand when P = 6? b) At what price will Total Revenue be maximized? c) What is the firm's Marginal Revenue when the price is $10?
a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this ..
After few years, cost of production of Panadol increased due to increase in price of paracetamol (one of the main ingredient used in the production of Panadol). Due to this increase people started using Disprine instead of Panadol.
At what output is the average variable cost (AVC) at a minimum and if the market price of the firm's output is $7.5 per unit, should the firm produce or shut down?
by Richard Easterlin, the level of per capita income achieved in the South after the Civil War remained considerably below that in the rest of the nation as late as 1930. Evaluate the hypotheses that have been suggested to explain the poor econo..
When third parties are intentionally or unintentionally affected by the market activity of others, it is called a negative public good.
you just won the irish lottery you bought a ticket while you were on vacation in ireland and you just won a 1 million
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
Acme Manufacturing Company is considering purchasing a maintenance contract for its new waste management systems. Acme plans to begin the contract in year 5 and continue through year 10. The cost of the contract is $11,300 per year and increasing by ..
What amount must be deposited into a savings account that pays 8% interest if the inflation rate is 10% and you want to set aside enough money to purchase a red tape cutting machine ten years after the deposit? The current cost of a red tape cutting ..
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