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Sophia, an interior decorator living in Beverly Hills, receives $25,000 in alimony every month from her former husband. This is not enough however to support the lifestyle to which she has grown accustomed. She has therefore chosen to supplement her alimony with income from her interior decorating business. She charges $100 per hour for her services. Since she sleeps 9 hours a night, the maximum number of hours she can work a month (taken as 30 days) is 450. She gets pleasure not only from her spending money but also from her leisure hours. Draw her budget constraint in leisure-expenditure space. (Thus, leisure is on the x-axis and expenditure is on the y-axis).
What is a typical indifference curve for the case in which the marginal utilities of both goods are positive and the marginal rate of substitution of hamburgers for Cokes is diminishing. Explain the relationship between the indifference curve
Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually happens in each situation.
What are the two effects of every price change Given two goods, "x" and "y", if the price of "x" increases (all else equal), what do each of the effects say will happen to the consumption of "x"? After the change, what can we say about the quantity..
Either tenants occupy rent controlled buildings with a customers surplus deserve to live there.
Suppose your corporation operates in MS Delta and imported inputs are used in final product. The final item is then exported to the rest of the world.
Illustrate what is the minimum national loss if Canada is a small country that can not affect the world price.
Finance the expenditures with an equal increase in taxes and keep tax revenues constant and borrow the money from the public by issuing new government bonds
Poverty among the elderly fell dramatically between 1959 and 1974 and has continued to decline. However, poverty among that portion of the US population that is less than 18 years old is no lower today than in the 1970s.
Suppose that price level is flexible both upward and downward and that Fed's policy is to keep price level from either rising or falling.
Elucidate if you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate.
Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her. In this case, Glenda’s elastic demand is.
Elucidate why the price elasticity of demand differ along a demand curve, even if the demand curve is linear.
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