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Suppose a consumer's level of satisfaction is given by AB2 and he/she has a total of $10 to spend on goods A and B. If the price of A is $1 and the price of B is $2, and assuming you can only purchase whole units (not fractional) of A and B, how many units of A and B should he/she purchase?
of the three functions of money which one do you feel is most important to you and why? of the three functions which
Points that satisfy equilibrium in the goods market, and the LM curve shows the points that satisfy equilibrium in the money market. The intersection of the IS and LM curves shows the interest rate and income that satisfy equilibrium in both markets ..
If the price of gasoline doubled, how would consumption of (a) cars, (b) public transportation, and (c) in-theatre movies be affected? How quickly would these adjustments be made?
The cost function for gumballs is given by TC = q(2v+w), where q is the output of gumballs (in thousands), v is the hourly rental rate for gumball presses, and w is the hourly wage.
1. when a firm is no longer able to reduce its long run average cost by expanding it has achieved its minimum
You are a business owner. You hired a manager one year ago. Now you can either keep him or replace him by yourself. If you fire him, you require compensating him with $ 50,000. And your reduced spare time has a valued of $ 30, 000 to you. If you keep..
Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and the long-run decisions and how managers are likely to respond in each..
In a two-player one shot simultaneous move game, each player can choose strategy A or strategy B. If both players choose strategy A, each player earns a payoff of $400. If both players choose strategy B, each player earns a payoff of $200.
Suppose the airline industry consisted of only two firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Assume that the demand curve for the industry is given by P = 100- Q and that each firm expects the ot..
Draw a monopolistic competitor in long run equilibrium. On the same graph draw the long run perfect competition equilibrium. Describe why a monopolistically competitive market cannot reach the same equilibrium as perfect competition in the long run.
illustrate the market for oranges with a supply and demand diagram. what would happen to equilibrium price and quantity
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded be..
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