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Chris chooses between two goods, X and Y (see figure below). At first, the price of X is low and the price of Y is high (budget line B1). Chris tells you his best affordable combination of X and Y is at point A. Then the price of X rises, while the price of Y falls (budget B2). Chris tells you that at these new prices, his optimal consumption bundle is still point A. What must be true of Chris's preferences?
A) Chris prefers X to Y.
B) Chris prefers Y to X.
C) X and Y are perfect complements.
D) X and Y are perfect substitutes.
E) Chris's preferences must violate one of our assumptions about consumer behavior.
Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
The salvage value at the end of five years is 0. The potential revenue in any given year is independent of any other year. Determine the mean and standard deviation of the present worth, using an interest rate of 12%.
What is the lowest price John can offer for this contract?
Organize the above data into the appropriate categories for the current as well as capital accounts determine the current account balance, the capital account balance, as well as the official settlements account balance.
If the economy was experiencing a severe recession, which of the following combinations of monetary and fiscal policy actions would be most appropriate? Many years ago, the traditional mortgage loan structure specified. The "interest-only" mortgage t..
Market failure occurs in natural monopolies because
The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. ..
Elucidate why an upward sloping aggregate supply curve is thought to weaken the impact of a rightward shift of the aggregate demand curve generated by an increase in government spending in the short run.
fundamental economic concepts please respond to the followinganswer the following discussions based on the katrinas
It has been claimed by a well-known papyrologist that during the 4th century the rise of prices in Egypt was a consequence of the debasement of the currency: each price rise reflected a reduction of the silver in the coins. Discuss critically.
Elucidate why the boundaries of the firms that group members currently work for are dawn at their current limits, and consider whether there are opportunities to increase the returns generated.
Business Processes and Strategy–Process Alignment.
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