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Mrs. Siegal has two alternative activities to help relieve her backache. In the first, she can visit a physiotherapist. The total time for a physiotherapist visit, including travel and waiting, is two hours. Mrs. Siegal earns a wage of $20 an hour. Physiotherapists charge $50 per visit, and Mrs. Siegal does not have any health insurance. As a second alternative, Mrs. Siegal can take pain killers. Each pill costs 50 cents, and Mrs. Siegal needs to take 30 pills per month. The two treatments are not equally effective. The physiotherapy visits yield 10 additional healthy days per month, while the pills yield 6 healthy days.
a. If Mrs. Siegal can only choose one alternative, and if she wants to maximize the most healthy days per dollar that she gets, which option will she choose?
b. If the price of a pill increases to $3, which option will she choose?
What is the optimal bundle Carmela can achieve while spending $60? C) For Carmela, is clothing a normal or inferior good?
Please explain each effect of the three effects also explain the downward slope of the aggregate demand-aggregate supply model: Real-balances effect, interest-rate effect, and foreign-purchases effect.
Calculating MPC, In one year, a consumer's income increase by $400 and her consumption increases by $120. Her marginal propensity to consume is equal to.
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
What are the average money holdings when the individual makes the optimal number of trips to the bank?
Calculation of the unemployment rate and part time workers who would prefer to work full time.
If the seller cannot discriminate, but must charge the same price p1 = p2 = p to each group, what will be her profit-maximizing price? Which, if any, consumer group benefits from price discrimination?
Venezuela had considerable capital outflows after election of Hugo Chavez. If Venezuela had fixed exchange rates, determine what effect would these flows have had on Venezuela's overall balance and value of the Bolivar
The marginal damage to your neighbor's business is a function of how many alligators you keep and the amount of money spent on a fence that separates your properties:
what is lowest price that will induce firms to supply output. Suppose PI = $40, F = 50 and demand function is Qd = 700! 6P, n if government sets a price of $50 what will be result.
At 6% interest, how much money is required in the trust fund to provide for the laboratory and equipment and its perpetual operation and equipment replacement?
Their costs and benefits are presented in the table below. Each project has a useful life of 50 years and the MARR is 12% per year. Which of the projects, if any, should be selected?
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