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Suppose that Omar’s marginal utility for cups of coffee is constant at 2.5 until per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the third he eats, and so on (that is, declining by 1 until per additional doughnut). In addition, suppose that coffee costs $1 per cup, doughnuts cost $1 each, and Omar has a budget that he can spend only on doughnuts, coffee, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Instructions: Enter your answer as a whole number.
Consider the following model of international migration. The potential migrants originate in country 0, the source country. Worker 1 has 1 efficiency unit of skill, worker 2 has 2 efficiency units of skill, and worker 3 has 3 efficiency units of skil..
How will this affect the firm’s profit maximizing use of coal and output? d) What is the advantage and the disadvantage of placing a tax on the burning of coal to reduce global warming?
q1. why does a reduction in taxes have a smaller multiplier effect than an increase in government spending of an equal
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
Consider a perfectly competitive market with many homogenous exercise gyms. Exercise gyms have learned that customers tend to use the gym less often than the customer anticipated when she signed up.
Determine the capitalized cost of $1,000,000 at time 0, $125,000 in years 1 through 10, and $200,000 per year from year 11 on. Use an interest rate of 10% per year. Show the standard notation, interest factor formula and solution
Any economically efficient production process is always technically efficient. Any technically efficient production process is always economically efficient. A production process must always be both economically efficient and technically efficient.
Elucidate why does sex discrimination seem to persist on Wall Street in spite of the negative publicity of lawsuits and monetary costs of settlement.
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
Find the effective annual interest rate (b) Use your result in (a) to find the value of the investment immediately after the 10th investment (use the algebraic form of any interest factors used).
How does the analysis of risk aversion change when one allows for alternative models of decision-making then expected utility? How does subjective expected utility theory differ from expected utility theory? How might one elicit a subjective probabil..
Mr Patel runs a motel in Tampa, FL. The market is highly competitive since there are many hotels in the surrounding areas and the average room rent per night is $35. There are 30 rooms are Mr Patels motel and each room can be rented for 30 nights a m..
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