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Nick is indifferent between 3 hours of basketball (Y) and 1 hour of swimming (X). His preferences are represented by the following utility function: U(X,Y) = 3X + Y. He has a budget of $100. Swimming costs $10 per hour, and playing basketball costs $20 per hour. a. Graph Nick’s budget line. What is the relative price of swimming in terms of basketball? b. What is Nick’s MRS of swimming in terms of basketball? Do his indifference curves exhibit diminishing MRS or constant MRS? c. What is the relationship between the relative price of swimming in terms of basketball and the MRS of swimming for basketball? (Hint: less than, greater then, or equal.) d. Identify Nick’s utility-maximizing consumption bundle on your graph, including his indifference curve that is associated with his optimal bundle. e. What is the value of his utility at this bundle?
Assume that the central bank of an economy contracts the money supply.
Illustrate what are the levels of income every worker and consumption per worker.
He projects that his costs also revenue will be similar this year if he continues farming. Illustrate what is Bowen's accounting profit from farming an additional year.
The dividend is expected to grow 7 percent a year for the next 3 years and then at 5 percent a year thereafter. Illustrate what is the expected dividend per share for each of the next 5 years.
Illustrate what impact might such a reduction in purchases of U.S. treasury securities have on the cost of short- also long-term financing.
Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25 using this exponential smoothing method, what is forecast for Whopper sandwich demand for Friday.
What is the amount of 10 equal deposits that can provide five annual withdrawals, where a first withdrawal of $2,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of $500 per year, if the interest rate is 10% compou..
Suppose that the only input used in the generation of solar energy is sunlight
Economists argue that the move from barter to money increased trade and production. How is this possible.
Expand his shop in that way allowing more customers to be served on a Saturday morning?
The accompanying table also graph elucidate how Samantha's preferences for consumption bundles composed of chocolate kisses also licorice drops.
Illustrate what price do you think this firm should charge if it wants to maximize its short-run profit.
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