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The local swimming pool charges non-members $10 per visit. Members pay $5 per visit, and an annual fee $F. Draw a diagram where the horizontal axis measures the annual number of visits, and the vertical axis measures $ spent on all other goods. Assume convex indifference curves, and suppose that as a non-member you would make some visits (reach an interior solution, not a corner). Use income and substitution effects to answer the following:
Show geometrically the value of F (as a particular height) that would make it just worthwhile for you to become a member instead of continuing as a non-member.
Suppose that the pool charged you exactly that value of F and you became a member. Would your number of visits increase or decrease from the level as a non-member?
What is being held constant when a demand curve for a specific product (shoes or apples, for example) is constructed? Explain why the demand curve for a product slopes downward to the right.
Argentina and New Zealand each produce wheat and mutton under conditions of perfect competition, as shown on the accompanying production possibilities curves. What is the opportunity cost of producing each good in Argentina? Explain how international..
Gains from trade will result if a country specializes.
Wal-Mart advertises that it has rolled back prices. If Wal-Mart is rolling back prices to raise revenues, should it roll back prices on products that have a price elasticity of demand that is elastic or inelastic. Explain your answer.
In the late 1990s, the federal Minister of Finance announced that expenditures would rise, yet he still predicted that the budget surplus would increase. How is it possible that in the face of rising expenditures the budget surplus may increase? Unde..
The 2008 Congressional farm bill contains subsidies for corn-based ethanol production. Currently, corn grown for ethanol production accounts for 24% of the total corn crop grown in the U.S. How does this subsidy impact the market for corn grown for e..
Please specify what is the exchange-rate system of Republic of Turkey? Describe briefly the advantages and disadvantages of the specific exchange-rate system. Do you think the world will move toward an international monetary system more characteristi..
The sales manager for ABC Electronics wants to maximize his profit on the sale of two portable media player models, JVD-2000 and MDP-72. The wholesale costs of these models are $310 and $100 per unit respectively. Find the optimal number of the two d..
Explain why would elasticity of demand be important to you in determining the products on which the taxes should be leived.
List out the distinct characteristics of a perfectly competitive labor market and compare them to the characteristics of monopsony.
Why a Foreign Acquisition May Backfire. Provide two reasons why an MNC’s strategy of acquiring a foreign target will backfire. That is, explain why the acquisition might result in a negative NPV.
In the United States, the distribution of income is more unequal than the distribution of wealth. Explain this idea and address how reducing inequality could be a macroeconomic goal. Finally, what insights would Marx provide on understanding why ineq..
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