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Freshman Jim Student only consumes two goods: paper (P) and cups of coffee (C). Suppose that currently Jim has $300 of spending money for the semester. The price of coffee is $3.00 per cup and the price of paper is $5 per 100 sheets. Jim's preferences are very nicely behaved (indifference curves that are bowed-in towards the origin). Assume that both coffee and paper are normal goods for Jim and that both coffee and paper can be purchased and consumed in fractional units.
Question: On your budget line graph, properly illustrate Jim's optimal bundle on his utility maximizing indifference curve.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
An examination of the right of an individual to health care and the impact health care funding can have on social welfare - Jennifer Jonh-Yar Bukrs is now an advocate of privatization of health care.
Select at least five (5) economic concepts covered in the first four weeks' readings, and discuss the primary manner in which these concepts impact the world of health care economics. Some examples of selected concepts are health demand and supply..
A one-year long forward contract on a non-dividend-paying stock is entered into when the stock price is $38 and the risk-free rate of interest is 8% per annum with continuous compounding. a) What are the forward price and the initial value of the for..
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. At the beginning of 2013, the company purchased a machine for $494,300 (salvage value of $52,600) that had a useful life of 6 years. The bookkeeper ..
What is your assessment of business's response to product and service quality and safety? Have they done enough? What is missing from their approaches?
A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is $1,600,000. The property was purchased 5 years ago for $2,100,000. Accumulated depreciation allowances of $380,000 have been..
Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Is M complete ..
Which of the following DOES NOT correctly describe how the various theories of the term structure of interest rates explain a "flat" yield curve?
Explain how each of the following will affect money supply, money demand, the interest rate, the price level, and real GDP. Use 2 graphs for each (one showing what happens to the money market, one showing the AS/AD model) a. The economy experiences a..
assume that the yearly capital cost is 10% of the total investment. Elucidate at what production quantity ?these two investment are opportunities.
The human resource manager of the XYZ Company makes the following claim: “Our workers make an average of $500 per week. We produce $6000 worth of output each week using only 10 workers. That averages out to $600 per worker per week. We should therefo..
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