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With some services, e.g., checking accounts, phone service, or pay TV, consumers choose between two or more payment plans. One can either pay a high entry fee and get a low price per unit of the service or pay a low entry fee and a high price per unit of the service. Suppose you have an income of $100. There are two plans. Plan A has an entry fee of $20 with a price of $2 per unit of the service. Plan B has an entry fee of $40 with a price of $1 per unit of service. Let x be expenditure on other goods (in dollars) and y be consumption of the service. (a) Write down the budget equation that you would have after you paid the entry fee for each of the two plans. (b) If your utility function is U(x; y) = xy, how much y would you choose in each case? (c) Which plan would you prefer? Explain.
Analyze the equilibrium cost and quantity in this case and label it on your graph. Moreover calculate, deadweight loss, consumer surplus as well as industry profits.
Volkswagen company is Germany own company with a massive factory in Mexico. In 2013, the Volkswagen Mexican factory produced $228 worth of cars and sold $6 to the U.S., $51 to Mexico, and $10 to Germany. How much was added to Gemany's GDP?
St. Joseph Health Center in St. Charles, Missouri, is on a quest to improve quality. Although good quality is important in any organization, it is especially vital (and urgent) in a medical setting. Would you recommend that St. Joseph's top managers ..
Wilpen plans to charge a wholesale price of $1.65 per can. As the average value of tennis racket is $110, and average household income of consumer is $24,600.
Using a three-circle Venn Diagram, check the following categorical arguments for validity. Some advertisers try to create a new ideal state for consumers. Some advertisers try to create dissatisfaction with the consumer’s current state. So, some who ..
Explain why do people routinely stuff themselves at â. all-you-can-eat-buffetsâ. Elucidate in terms of both utility and demand theories.
You are the manager of Copies Are Us. The only other copy store in town, the Carbon Copy, recently got bids on adding a color copier. You must decide whether to obtain a color copier, but you can base decision on what your rival does.
Your friend makes half of your salary and pays 20% in income taxes. Elucidate rate most likely would be your income tax rate.
Have a lower value of a flight than business travellers. What pricing strategy options are available to the airline? In addition, what relationship between the two markets limits the airlines ability to raise price.
what is the social optimum quantity and price. If the government uses a tax to get producers to internalize the externality what is the net price recieved by producers
Elucidate what policy measures can be to combat cost push inflation and demand pull inflation respectively and commet on the possible side effects of these measures.
If the Fed wished to defend the exchange rate of the $ (i.e. prevent the $ exchange rate from falling) what policy action could it take? Explain.
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