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Consider the following utility function: U(x,y) = min {3x, x+y, 2y}. sketch the indifference curves and show where the "corners" are. If the prices or x and y are P_x = 5 and P_y = 1, respectively
A restaurant industry has a market structure that comes closest to
Decribe how the Bank of Canada can affect interest rates and money supply in Canada. Be specific about the tools that are available to the Bank for such purposes.
A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day.
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Draw the market Demand and Supply curves (on the same graph) for Ford and what is the market equilibrium price and quantity explain what you will observe in the market if the Ford car price is set at a higher than equilibrium price.
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Discuss the main factors (supply and demand) affecting the current price of gasoline. Include at least two supply and two demand.
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
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