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Raphael enjoys going to the theater to see plays, and he also enjoys going to rock concerts. The following diagram shows two of Raphael's indifference curves for going to plays and concerts. With Raphael's initial budget constraint (BC_1), he chose to go to four concerts and six plays per month (point X). Then his budget constraint shifted to BC_2, and he chose to go to five concerts and three plays per month (point Y). Of the following choices, which could have shifted Raphael's budget constraint from BC_1 to BC_2? Check all that apply. His income decreased while the prices of theater and concert tickets stayed the same. The price of theater tickets increased while his income and the price of concert tickets stayed the same. The prices of both theater and concert tickets increased while his income stayed the same. The price of concert tickets increased while his income and the price of theater tickets stayed the same. Based on Raphael's consumption of plays and concerts after his budget constraint shifted, plays are goods and concerts are goods.
An energy manager expects a need for a boiler that costs $150,000 in about seven years. How much money should the manager save each year to have enough money for the purchase in seven years time if the interest rate is (a) 10% and (b) 3%.
Explain how entrepreneurial policy makers can incorporate pragmatism practices into their public policy research. Have pragmatism practices changed in the last twenty years?
A 100 KM toll way costs $5M per km to build. The bonds are for 20 years and pay 10 percent per year [(A/P, 10%,20) = 0.1175]. If annual maintenance costs are $1000 per km, and 20000 vehicles use the toll away every day, what toll needs to be charged ..
Consider an example of a health care market and identify ways it differs from a perfectly competitive market. Do you think these deviations from a perfectly competitive market improves a consumers (ie; patients) economic standing? Why or why not?
the nhfishercats are debating whether to build a new restroom in the leftfield area near the patio adjoining the
What are problems associated with implementing JIT purchasing. What are some of expectations of suppliers.
q1. one of the most important areas of economic that namely use of leading economic indicators to forecast the future
Describe aggregate supply from a classical economist’s perspective. P(t) = US$2 per coconut; E(t) = MX$1 per US$; P ROW(t) = MX$3 per coconut. a. What is the real exchange rate? b. Does purchasing power parity hold? Give three reasons why the purcha..
Which of the following is true of Television as an advertising medium?
The wage distributions for three occupations in the Pennsylvania food services industry are provided below. Consider the wage differentials across occupations. How do they compare to the prediction of the Law of One Wage? With respect to your answer,..
The opportunity cost of a choice is: A. the net value of the opportunities gained. B. the value of the opportunities lost. C. the difference between the benefits and costs of the choice. D. sometimes positive or negative.
Demand for Insurance Consider the utility function u(x) = log x. Find the optimal insurance coverage, C ∗ , when insurance is actuarially fair (i.e. q = p). Find the optimal insurance coverage when q > p. Find Dirk’s expected utility from this prospe..
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