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Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. a. What is each roommate’s opportunity cost of making a pizza? Who has the comparative advantage in making pizza? b. If Pat and Kris trade foods with each other, who will trade away pizza in exchange for root beer? c. The price of pizza can be expressed in terms of gallons of root beer. What is the highest price at which pizza can be traded that would make both roommates better off? What is the lowest price? Explain.
Bob consumes two commodities: x and y. For what values of py will Bob buy y, and for what values of py will Bob buy only x?
"The Assistant Secretary for Time Travel recommends that the bureau choose the socially optimal price, the price necessary for efficient allocation of resources. Which price is required for efficient allocation of resources.
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
As part of your answer converse whether or not one or more of the legs of the organizational stool was unbalanced.
Consider a perfectly competitive market with many homogenous exercise gyms. Exercise gyms have learned that customers tend to use the gym less often than the customer anticipated when she signed up.
Explain what will the total decrease in aggregate demand be as a result of the initial $12 billion decrease.
Discuss the probability that the annual net cash flows will be negative. Determine the probability that the annual net cash flows will be less than $20,000.
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
Just breaks even over the year as whole. a Wouldn't the restaurant do better by staying closed out of season. At what cost will it shut down, given that all its fixed costs are sunk.
Imagine which you are presently a college student working at a part time work. You have Concluded the subsequent as such sally projected expenses also revenues.
Explain how much smaller (in percentage terms) is each generation than the previous generation.
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
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