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CONSUMER PROBLEMS
1) Representing Budgets and Preferences: How do you translate from a description to budgets/indifference curves
2) Optimal Choice: At the optimal bundle what relation does the indifference curve have to the budget line?
3) Risk and Insurance: How do we represent a risk-averse consumer’s preferences over consumption in mutually exclusive and probabilistic states of the world.
4) Demand: How does optimal choice respond to changes in prices and incomes, at the individual and market level, for difference sorts of goods?
A monopolist faces a demand function x = (1/2)(11-p) where p is the price of the product and x is the quantity demanded. The monopolist has a cost function 3+2x. The government impose a tax of t per unit of output. Assuming that the monopolist maximi..
If the machine could instead be leased for two years for some monthly payment (paid at the beginning of each month), what monthly cost would be equivalent to the original schedule of payments?
He decides to assign his grades for his current course such that top 15% of students receive an A. What is lowest average a student can receive to earn an A.
In the short run, at a market price of $15 per shirt, this firm will choose to produce shirts per day. On the previous graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $1..
The 2015 income statement for Duffy’s Pest Control shows that depreciation expense was $206 million, EBIT was $522 million, and the tax rate was 30 percent. Calculate the end-of-year balance for net operating working capital.
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week. Show that the worker wil..
To maximize profit, should the firm lower its price, increase its price, or leave the price unchanged? How would you change your response if marginal revenue is $1.50? Explain your responses.
The retail price for a wrinkle-reducing injection is $550. Retailers buy directly from the manufacturer, who has a margin of 80 percent on their product. If the retailer margin is 40 percent, what is the manufacturer selling price to the retailer? Wh..
It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. ..
Select a region and choose a trading bloc (NAFTA, EU, ASEAN, etc.) within that region. In a single paper write two 350- to 500-word articles, one article in favor of regional integration and another article against regional integration. Describe the ..
Marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the Robinson Crusoe model.
A division of Hanes has the following data at the end of a year. For an effective federal tax rate of 35% and state tax rate of 6.5%, determine (a) CFAT,(b) percentage of total revenue expended on taxes, (c) net income for the year.
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