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Chris has $100 to spend this month on movies and/or books. A movie costs $10 and a book costs $20. a) Draw Chris’s budget constraint (or budget line), with the number of movies purchased on the vertical axis. b) What is the opportunity cost of the second book? c) Indicate on your graph the combination point showing Chris consuming 10 movies and 6 books (label it a). What can you say about this particular point? d) List three changes that would allow Chris to consume both 6 movies and 3 books. Show the effect of each on her budget constraint on your graph.
if the required reserve ratio is 10 percent, what is the monentary multiplier? if the monetary multiplier is 4, what is the required reserve ratio?
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
In the early stage of her administration, Fed Chair Janet Yellen focused on maintaining a monetary policy of low interest rates to continue the Fed’s efforts to stimulate the economy. However, the article assigned indicates she faces some longer-term..
Assume that starting salary for an SDSM&T Industrial Engineering graduate is $56000/year, and that the engineer will work for 30 years before retiring. At 4% inflation (treat as interest), would it be better to negotiate a $5600 per year raise, or a ..
Use a diagram to show the consumer surplus , producer surplus and total surplus of the market for groceries in this small town. Now suppose these small supermarkets successfully form a cartel which behaves like a monopoly, How does this cartel affect..
Illustrate what do the results tell you about the relative size of the income also substitution effects for leisure for Jake.
Outlining what firms need to do in order to bring in the most talented people (from anywhere) and make the fullest possible use of their abilities.
Commercial bakeries typically sell a variety of products (breads, rolls, muffins, cakes, etc.) to local grocery stores. There are substantial economies of scale in production of each one of the bakery products, which makes it cost-effective to specia..
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. Each ..
Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. What is the maximum amount that she can withdraw at the end of each year?
Suppose we have the following information about the productivity of two industries in USA and Mexico. The unit labor requirements are given in the following table. Plot production possibilities frontier (PPF) for each country assuming that each count..
What happens to Bond prices, quantities and interest rates if (Make sure to include the supply and demand graph for bonds for each question :
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