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Question: Consumer Choice and Indifference Curves Part 1-2 Suppose that the average consumer is only choosing between buying shoes and concert tickets. Their indifference curves are given below: Suppose that the average consumer has $300, shoes are $60 and concert tickets are $30.
a) If this person is buying 1 pair of shoes and 8 concert tickets, they can improve their utility by buying tickets and pairs of shoes.
b) To get the highest utility consistent with their budget, this person will buy 3 pairs of shoes and 2 concert tickets.
Suppose the quantity of apples supplied in your market is 2,400. If there are 60 apple producers. How many apples does each producer supply to the market?
Compute the percentage change from 2009 to 2010 in the four U.S. bilateral ex- change rates (defined as U.S. dollars per units of foreign exchange, or FX) in the table provided.
Choose one company from the market structure of monopolistic competition and one company from oligopoly. State which characteristics fit and make these market structures fit to the description.
A priori, would you expect expenditure on food to increase linearly as total expenditure increases regardless of the level of total expenditure? Why or why not? You can use total expenditure as a proxy for total income.
Explain how changes in the money supply will raise interest rates and how the anticipated increase in interest rates will likely affect GDP and employment.
Assume that a piece of property is purchased for $500,000. A 20% down payment is made and the rest is financed through a 30-year mortgage loan with a 5.25%.
6 aztec furnishings makes hand crafted furniture for sale in its retail stores. the furniture maker has recently
Explore one of the sophisticated pricing techniques (Examples of pricing techniques Price discrimination, two-part pricing, block pricing and commodity bundling) covered in this topic and provide an example of how it is used. What are some con..
The concept of consumer surplus indicates how much consumers gain from consuming goods and services at a specified price - difference between what a consumer is willing to pay for a good or service and the price that they actually pay.
In addition to preferences, a consumer’s choice is further constrained by
A house was bought for $200,000 using a 20 year mortgage at 12% interest rate. After the 120th payment it was refinanced with 6% interest rate mortgage.
1. Policy Topic: We have a recession. What do I need to know about "sticky wages?"
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