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Maria lives 2 periods. In period 1, she is a student in Philosophy. Her income is 0 and she does not pay taxes. In period 2, she will have a BA in Philosophy. Her income after tax will be $55,000. The interest rate is 10% (0.10). Her utility is given by
It can be shown that the optimal consumption allocation is:
a. Determine Maria's lifetime wealth.
b. Determine consumption and savings of Maria in period 1 and in period 2.
c. Maria decides to switch a major and is now a student in Business. In period 2, she will have a BA in Business and her income will be $88,000. Determine Maria's life time wealth. Determine consumption and savings of Maria in period 1 and in period 2.
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
The value of good A goes up. As a result the demand for good B shifts to the left. From this we can infer that, Suppose that the current market value is below the market clearing level.
a the above figure shows four different markets with changes in either the supply curve or the demand curve. which
veronica has saved 5000 that will be a down payment on a new car that can be purchased for 38000.athe loan to finance
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000-200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard..
Critical Thinking: Last year Congress passed a bill creating a new national health care system that is not yet fully explained. What principles of economics relate to this decision
Wendy's narrowed the vanillas to two varieties and brought more than 100 consumer testers into stark white tasting booths at its head headquarters. The testers were told to take at least three bites of each sample before deciding which they prefer..
please show a breakdown analysisa study has estimated the effect of changes in interest rates and consumer confidence
From the perspective of any individual in this population, what is the reduction in the probability of their death in any year from this policy? (Assume everyone in the population uses the road equally. In reality, the fact that this is not true m..
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
cold case inc. produces beverage containers used by fast food franchises. this is a perfectly competitive market.
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
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