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Phineas likes tea and licorice. He bdrinks two ounces of tea for each ounce of licorice he eats. Tea costs PT per ounce, while licorice costs PL per ounce. If T denotes Phineas' consumption of tea and L denotes his consumption of licorice, write down Phineas' utility function. Let m denote Phineas' income he has to spend on tea and licorice. Find his demand for tea and for licorice. Sketch a few of Phineas' indifference curves in commodity space with L on the horizontal axis and T on the vertical axis. On your drawing, sketch and label the ?PL price-offer curve and the income offer (income expansion) curve. Sketch a qualitatively correct demand curve and a qualitatively correct Engel curve. Please show all work and label all axes
What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium
1. Engineers at a national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argue..
Wonder bread is a normal good produced by the Wonder Bakery. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of Wonder bread in each of the following situations?
descriptive epidemiology is used to evaluate trends in health and disease and to be able to make comparisons among the
Capitalism is vital to our way of life, and yet the Enron case clearly shows ways in which this economic system may be abused. What kinds of abuses did you witness in the film? What kinds of vices were evident?
Suppose the marginal product of labor in the economy is given by MPN = 0.002(16,000 - N), while the supplyof labor is 1000 + 1000w.(a) Find the market-clearing real wage rate and level of employment.(b) What happens to the wage rate and employment if..
What is the salary t predicted by the standard bargaining solution and what is the salary t predicted by the standard bargaining solution - Draw the extensive form of game and determine the subgame perfect equilibria.
Define this his average valuation as E[v].
panther airlines pa is the only airline that flies several routes. they have a potential competitor leopard airlines la
Write a summary of the case study. In your summary, be sure to discuss the external environment in which McDonald's operates and how the environment influences its strategy.
By the 1950s, the views of the Classical economists among American economists: had been largely eclipsed by Keynesian views. had largely replaced Keynesian views. were about as widely held as Keynesian views.
you are the owner of a small bread factory and are thinking of lowering costs and expanding. your small-business
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