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Bill Katz prefers more of good 1 to less and he prefers less of good 2 to more. Bill has convex preferences. Draw his indifference curve with good 1 on the horizontal axis and good 2 on the vertical axis. Is the curve positively or negative slopped? Why? Is the curve convex or concave? Why?
Due to competition among firms, markets that have more firms usually have lower prices. However a study by two economists in 92 metropolitan markets in the United States found a different result for the pricing of the service of the primary care phys..
Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard devia..
Explain the solution to the firm's cost-minimization difficulty ever occur off the iso-quant representing the required level of output.
Compute the marginal tax rate as income rises from $100,000 to $200,000. Compute the corresponding marginal tax rates for the regressive and progressive tax systems.
Let the consumer begin in utility maximizing equilibrium at point A on indifference curve I. Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve II. Write the linear de..
A product has a negative income elasticity. What does that measure tell us about the product? Answer should be two paragraphs.
Maintenance costs for a small bridge with an expected 50-year life are estimated to be $1,000 each year for the first five years, followed by a $10,000 expenditure in year 15 and a $10,000 expenditure in the year 30. If I = 10% per year, what is the ..
determined that the consultation time was normally distributed with a mean of 15 minutes and a standard deviation of 2 minutes. What is the probability that the doctor will spend more than 11 minutes?
What are the major categories of “investment” expenditure in the GDP accounts? What are “transfer” expenditures of governments? Why aren’t they included as part of “government spending” in calculating GDP? Why aren’t “intermediate” goods purchases by..
What is the primary advantage of revealed-preference valuation methods (e.g. hedonic pricing and travel cost methods)? What is their primary disadvantage? Explain both answers briefly.
Electric utility companies usually operate their most modern and efficient equipment continuously (i.e around the clock) and use their older and less efficient equipment only to meet periods of peak electricity demand. What does this imply for the sh..
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
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