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Suppose everyone in a neighborhood consumes hotdogs, h and pop, c. The regular prices of one hotdog and one can of pop are p1 = $3 and p2 = $2 respectively. Everyone has m = $60 to spend. The local fast food outlet sometimes oers the following two promotions. Either (1) you can receive a free can of pop with each hotdog you buy (you can buy more cans if you want at the regular price) or (2) you can enjoy a one-third reduction, from $3 to $2, in the price of hotdogs. (a) Plot the budget set when there is no promotion. Write down the equation of the budget line. (b) On the same graph, plot the consumers' budget sets corresponding to promotions (1) and (2). (c) Draw example indierence curves to show a person with what preferences would choose promotion (1) over (2). What person would choose promotion (2) over (1) instead? Would anyone prefer to use neither of the two promotions if they are both oered?
Shirley loves peanut butter and jelly sandwiches. However she must have the proportions of peanut butter to jelly exactly right and she always uses 3 tablespoons of peanut butter and 2 tablespoons of jelly when making her sandwiches.
If the economy is a point C, what is the cost of one more automobile and one more forklift?
Between problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound of money supply, a low saving rate, poor capital base, and a lack of foreign exchange.
What are the positive consequences of preventing the offshoring of U.S service sector jobs,what are the negative consequences? Do these consequences change with the passege of time?
Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic development. Identify an advantage and disadvantage of..
Because of a recession, the inflation rate expected for the coming year is only 3%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level above 3%.
What are the reasons for not including demand deposits as rate-sensitive liabilities in the repricing analysis for a commercial bank? What is the subtle but potentially strong reason for including demand deposits in the total of rate sensitive liabil..
Is the equilibrium real output also necessarily the full-employment real output and Sketch in the new aggregate demand curve as AD. What is the new equilibrium price level and level of real output?
However, many critics contended that this "sequester" measure is only temporary and too small given the $4T US government budget to have a significant impact on the economy. Therefore, many economists considered this spending cut as too small to ..
the australian government recently announced its proposed carbon price mechanism. the operation of this scheme is
California Electric has a cost of equity capital of 16%. The company has consistently been authorized a return on equity capital below this expenses.
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental economic question are they addressing by making this range of products a. How to produce goods..
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