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Bridget has a limited income and consumers only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget’s utility, while the last pound of cheese added 40 units.
a. Is Bridget making the utility-maximizing choice? Why or why not?
b. If not, what should she do instead? Why?
A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm's marginal revenue function is MR = 100 - 2Q. The firm's total cost of producing the product for that market is TC = 1000 ..
Determine the returns to scale, that is, briefly show whether the following productions exhibit DRS, CRS or IRS.
q1. suppose you read in the newspaper that all last week the fed conducted open market acquires and also on tuesday of
What was the unintended side effect (regulatory failure) of the 1977 clean Air Act amendments that placed strict emissions regulations on new power plants while grandfathering existing facilities? And how what regulatory tool could congress use to pu..
Using appropriate models or theories, explain the economic intuition (logic) behind the following events. An increase in money supply leads to a fall in short-run interest rate. An increase in real income leads to a rise In short-run Interest rate
If David's only illness this year results in an appendectomy, explain how many days will he choose to stay in the hospital.
which planet has the comparative advantage in coffee? in fried chicken?
To introduce GNP and GDP, and other concepts of the National Income accounts, and to show how they help us understand the growth of the U.S. economy over the past century.
Demand for a new drug that controls ulcers is given by equation Q = 150 - 3P (Q is bottles of medicine and P is the price per bottle in dollars). Using inverse demand (because P is graphed on the vertical axis), what is the slope of the demand curve?
Discuss the Security Market Line (What it depicts, what variable measures its slope and its intercept). Show a graphical example using the market portfolio.
Can firm losing money go out of business in the short run? If it can’t, explain why not. On what basis does a firm decide whether or not to shut down? On what basis does it decide whether or not to go out of business? If the perfect competitor is los..
Elucidate which of the subsequent statements is correct regarding the equilibrium cost also quantity of X.
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