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Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units.
a. Is Bridget making the utility-maximizing choice? Why or why not? b. If not, what should she do instead? Why
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
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Estimate the linear trend in the data, and use it to forecast gasoline sales in the United States in each quarter of 1990.
Suppose there are only two firms. It is better to be a quantity leader in a Stackelberg model than a member of a cartel in a one shot market. Use a graph if you want.
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
What is the profit-maximizing price to charge a Texan for a car wash? What is the profit-maximizing price to charge a Californian for a car wash?
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