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Debra usually buys a soft drink when she goes to a movie theater, where she has a choice of three sizes: the 8-ounce drink costs $1.50,the 12-ounce drink $2.00, and the 16-ounce drink $2.25.Describe the budget constraint that Debra faces when deciding how many ounces of the drink to purchase. (Assume that Debra can costlessly dispose of any of the soft drink that she does not want.) 5410. Antonio buys five new college textbooks during his first year at school at a cost of $80 each.
Used books cost only $50 each. When the bookstore announces that there will be a 10 percent increase in the price of new books and a 5 percent increase in the price of used books, Antonio"s father offers him $40 extra.
a. What happens to Antonio"s budget line? Illustrate the change with new books on the vertical axis.
b. Is Antonio worse or better off after the price change? Explain.
Consider two tax policies: a tax cut which will last for only 1 year and a tax cut that is expected to be permanent. Which policy will have the greater impact on aggregate demand Which is more likely to shift long-run aggregate supply
Show that if oil is produced from two reservoirs, one with high marginal cost and one with low marginal cost, it is not possible for the Hotelling rule to be satisfied for each reservoir simultaneously. Give two reasons that oil might be produced ..
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $49 and the price at point e is $24 per bag. The price at point f is $48 and the price at point g is $13 per bag.
Is energy efficiency the same thing as economic efficiency and under what circumstances would the energy-efficient automobile described here be economical efficient?
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in themarket for milk. In a competitive market, when price is below the equilibriumprice, there will be pressure for the price to.
Three students have each saved $1000. Each has an investment opportunity in which she can invest up to $2000. Here are the rates of return on the students' investment projects: Minji: 5% Yanrong: 8% Dorothy: 20%
Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label the graph as precisely as possible.
Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by Qs = -1000 + 20P
What might shift the aggregate-demand curve to the left Use the model of aggregate demand and aggregate supply to trace through the short-run and long-run effects of such a shift on output and the price level.
Hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a market economy. and analyze at least three (3) possible areas for the industry that could lead to transaction costs, and explain each in detail.
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