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True or False. Provide a short explanation.
a. Hillary and Donald both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Hillary buys 3 cans of pop and 10 bag of chips whereas Donald buys 15 cans of pop and 2 bags of chips. If they both have well-behaved (monotonic and diminishing MRS) preferences, then Hillary's marginal rate of substitution between cans of pop and bags of chips is lower than Donald's.
b. Michelle's income increases so she consumes less pizza. Therefore, her preferences are not monotonic.
c. Ann was maximizing her utility subject to her budget constraint. After a price change she chose a new bundle and was better off. Therefore, she could not afford her new bundle before the price change.
d. Suppose that a consumer only purchases two goods. It is possible for both goods to be luxury goods at the same time.
e. A good can be inferior at all income levels.
If the Bill and Melinda Gates Foundation were to buy out and destroy the patent for Combivir, which of the following would NOT be one of the effects? Because Colgate owns patent number 5,544,091, only Colgate sells toothpaste with a flip top cap, whi..
How do the buyer's returns compare with the method of payment, and how do they compare with single versus multiple bidders.
In big picture terms, the point of supply chain management is to minimize costs and improve quality. Comment on the types of foreign locations and the costs and benefits of foreign locations. Comment on the paradox between being more efficient and pr..
List and explain two factors that will cause the AD to shift to the left. Why is the aggregate demand (AD) curve downward sloping? Discuss and use graphs where necessary?
Why doesn't the United States just give its chop surpluses to poor countries? What problems might such an approach Crete? If two-third of all U.S. farms fail to earn a profit, why do they stay in business? You need a government permit (allotment) to ..
On August 15, 2014 Emma signed a contract to purchase 35,000 gallons of ethanol from Korey for resale at her ethanol station. When Emma signed the contract, the ethanol was warehoused in a holding tank at Korey's production facility. On August 24 lig..
q.consider the following islm model for a closed economyc4000.4yd i2000.3y-2000i g360t400 mp4y-100000ims2600 10
he previous manager used a transactional leadership approach, which has been relatively ineffective. Evaluate one leadership style and describe which you would take. An experienced executive assistant discovered that she made the same amount of money..
More borrowing by firms in the domestic currency is one way to reduce currency mismatch. What would be the major issue if government insured repayment of the loans at a low cost?
The multiplier effect comes together with crowding effect. A recession results in decrease of welfare program. A recession results in decrease of tax revenue. The unemployment and inflation are in inverse relation. The unemployment and inflation rela..
An engineering firm is interested in investigating whether the variability in the cost of small projects (defined as projects under $10 million) can be accounted for, in part, by differences in the number of direct engineering consulting hours billed..
Suppose the economy produces only 2 goods: consumer goods and capital goods (K). Also suppose the economy is operating at full employment. Finally, suppose consumer goods are subject to legal price controls (price ceiling). Use a PPF to show the econ..
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