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Recently the price of lentil beans increased. As a result Lincoln residents noticed that their neighbor, Rasputin, increased his consumption of lentils and decreased his consumption of steak. Rasputin said his utility had declined. Many citizens made donations to the "Rasputin Relief Fund." Rasputin was given a cash grant equal to the amount he claimed to need to regain his initial utility level. Happy and thankful, Rasputin rushed off to the store to make his new purchases. Each graph above shows two indifference curves for Rasputin, I1 and I2, and the two budget constraints, B1 and B2, that he faced. Let E1 represent Rasputin's initial equilibrium, E2 equal his equilibrium following the increase in the price of lentils, E3 his equilibrium after receiving the cash from the relief fund. Which graph above is consistent with Rasputin's claims in the above story?
Explain what is the difference between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?
Which of the following statements regarding a monopolist is false? The marginal revenue curve lies below the demand curve for the monopolist's output. Unlike a perfectly competitive firm, a monopolist faces little or no competition. The monopolist se..
What lessons can we learn from the Chad-Cameroon Oil Pipeline and the Lesotho Highlands Water projects? What corrective measures should be taken?
In the U.S., the command-and-control environmental laws of the early 1970s, together with the ensuing amendments and updates that have been made to them over time,
Suppose the market for wheat is perfectly competitive. Fed up with low prices, a wheat grower in Texas decides he won't take his output to market and, instead, dumps all his wheat into the Red River. What happens to the market price of wheat?
PiR8 Systems has borrowed a sum of $2.5M from a bank at interest rate of 4.5%. The company also borrowed $0.5M from other sources at a interest rate of 4%. Additionally the owners have invested $2.5M in the business with the intention of earning 15% ..
Explain why does the profit motive does not automatically avoid air pollution in the production of steel and other products.
Jones Inc. has $22,000 to invest in securities down company on you'll 11% product or the corporate tax rate for Jones Inc. is 40% with 70% of the preferred stock dividends tax-exempt the investments are consider equally risky so the corporate control..
GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included. You f..
Without government intervention, it is ___________ true that ___________ in equilibrium. Aalways; private marginal benefit equals private marginal cost
Suppose the production of Crocs is characterized by the production function Q = LK , where Q represents the number of pairs of Crocs produced. Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-mini..
Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given w..
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