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Jack is considering buying a gift card for Sue. Sue's utility is given by U(x,y) xy. She has $12 of her own and jack is considering a gift card for 150 units of x. The price of x is 2 and the price of y is 4. What is the maximum Jack can pay for the gift card to not be better off giving Sue cash?
“Rising oil prices will lead to decreased employment, lower wage rates and decreased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.
AMS recently instituted an in-house recycling program. The benefits of this program include not only the benefits to the environment of recycling but also the goodwill generated by AMS’s leadership in this area. What level of Q maximizes net benefits..
A firm is producing 100 units of its product. At this level of output the AVC=$80, and the ATC=$120. The firm is a price taker and the price for its product is $100. Assuming that the firm is maximizing profits and that labor is the only variable inp..
Briefly contrast how firms in a perfectly competitive market will respond to long-run profits and losses. Include an explanation of each response affects the price level
Who has the comparative advantage in what product. Once they specialize, how much does output increase. What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing.
q1. at daves current consumption bundle involving positive units in both hot dogs and sodas his marginal utility for
A county with 1M (M for million) population, 2% unemployment, and no in ation, voted to build a stadium and rent it to a professional baseball team. The team owner, who was not a county resident, was to pay $1M per year rent for use of the stadium an..
Loyalty programs are more the norm than the exception. Once all competitors offer similar schemes, all that happens is that marketing costs have risen in that industry. Argue for or against the proposition that loyalty programs are effective customer..
The FOMC is scheduled to meet on December 13-14 and it is anticipated that they will raise the federal funds rate. Explain what the federal rate is. Illustrate, using the theory of liquidity preference model, the impact of the fed’s anticipated polic..
A U.S. government bond matures in 10 years. Its quoted price is now 96.4, which means the buyer will pay $96.40 per $100 of the bond’s face value. The bond pays 5% interest on its face value each year. If $10,000 (the face value) worth of these bonds..
Suppose production price is 20. The firm views that price as beyond its control.
"Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense." Do you agree with this statement? Defend your position.
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