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Suppose a consumer chooses between two types of flowers of his garden: tulips and roses. Graphically (no math needed) show the income and substitution effects for an increase in the price of roses given the following preferences. Graph tulips on the y-axis and roses on the x-axis. You should have a total of 4 separate graphs. (Hint: it may be that one or both of the effects are zero)
1. Tulips and roses are imperfect substitutes with convex indifference curves.
2. Tulips and roses are perfect substitutes. For this situation, consider 3 sub cases:
a. Tulips are more expensive than roses before and after the price change.
b. Tulips are more expensive before the price change and cheaper after the price change.
c. Tulips are cheaper before the price change.
two firms a and b have complete control of the supply of mineral water and both have zero costs. their best reply
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If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
Suppose that there are n bidders participating in a First Price Auction. Each bid- der's private valuation is independently drawn from the interval [0, 1] according to the distribution with cdf F(x) = x2 and pdf f(x) = 2x.
for this assignment choose a major publicly traded automotive producer such as general motors ford toyota or
Rusty Flapps, an airline pilot with Air Canada, suddenly finds himself laid off because of the dramatic decline in the demand for air transportation brought on by the terrorist attacks of 9/11 and the recent economic slowdown.
state at least one economic benefit to increased international trade. why might a corporation prefer to obtain
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