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Suppose that Omar’s marginal utility for cups of coffee is constant at 4.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 11 for the first doughnut he eats, 10 for the second he eats, 9 for the third he eats, and so on (that is, declining by 1 util per additional doughnut). In addition, suppose that coffee costs $1 per cup, doughnuts cost $1 each, and Omar has a budget that he can spend only on doughnuts, coffee, or both. How big would that budget have to be before he would spend a dollar buying a first cup of coffee?
Explain please.
Evaluating Downsizing Effectiveness
Cigarettes are also heavily taxed. Illustrate what effect does this tax have on cigarette consumption
A representative firm with short-run total cost given by TC=50+2q+2q^2 operates in a competitive industry where the short-run market demand and supply curves are given by qd=1410-40p and qs=-390+20p. it's Short run profit maximizing level of output i..
Three years ago Maricopa County implemented a policy to tackle the problem of particulate matter in the air. The project/policy consisted in paving and compacting some of the roads the dairy industry uses for feeding the cattle and transporting the m..
Assume a specific factors economy produces two goods, cloth and food, and that when representing the output of this economy graphically, cloth is on the x-axis and food is on the y-axis. Movement of labor from a Foreign country to the domestic (Home)..
Suppose the government sets an effective price floor (that is, a price above equilibrium) in the market for oranges and agrees to buy all oranges that go unsold at that price. The oranges purchased by the government are discarded.
The Australian dollar has appreciated strongly over the past decade, leading to increased concerns over the impacts of the high exchange rate on trade-exposed sectors of the economy".
Illustrate how much consumer surplus does he receive. What is the highest price you can charge for the "all you can eat" special and still attract customers.
Why are the Average Cost Curves U-shaped. What is the Law of Diminishing Returns. Discuss a company's two short run options.
Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..
Suppose the federal government has no national debt and spends $100 billion, while raising only $50 billion in taxes. What amount of government bonds will the U.S. Treasury issue to finance the deficit? Suppose the media report that the federal defic..
q.1. get all of the monthly data for the tsx composite index cansim series v122620.a. present a time series plot of
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