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Consider a consumer who has utility function u(x, y) = min{2x, 3y} where x, y are amounts of goods X, Y consumed respectively.
(a) If px = 1, py = 1, consumer has total budget w = 10. What’s the optimal consumption bundle of this consumer? Explain in detail, using either graph or algebra to justify your answer.
(b) If there is an inflation which doubled the prices px, py as well as the wealth w. Consumer preference is still the same as before. What will be the consumer’s optimal consumption bundle in this case? Explain your answer clearly.
What are congestion effects? How can congestion effects be combated? Provide examples in today's contemporary business environment where congestion effects have been experienced and overcome by organizations.
If there is no government intervention, the monopoly produces? If the government provides a production subsidy of s per unit, then the monopoly produces? What is the consumer surplus if there is no government intervention? What is the consumer surplu..
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. What type of agency ..
q1. megan used to work at the local pizzeria for 15000 per year but quit in order to start her own deli. to buy the
Suppose a monopolist faces the following market demand: What is the firms marginal revenue and the desired amount of units of production to maximize profit?
Then do similar for every of the determinants of supply in Equation 2.2. In every instance, would equilibrium market price increase or decrease.
______Companies that have flat organizations tend also to have
If each economy specialized in its comparative advantage, what range of prices would bacon trade at in terms of eggs.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Democracy, Government Responsiveness, and Electoral Accountability: In the modern theory of the state, economists tend to think of the role of government as that of a (benevolent) social planner. How does the ‘new political economy’ depart from this ..
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