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Leena spent $100 per month on pens (X) and CDs (Y) at the Enron company store. Pens cost $2, and CDs cost $5. In July 2015, Leena purchased 15 pens and 14 CDs. Her utilometer readings at the end of the month showed that the marginal utility of the last pen was 10 utils and the marginal utility of the last CD was 25 utils.
a. Write the equation for Leena’s pen/CD budget constraint.
b. True or False: Leena was at the tangency point between her budget constraint and an indifference curve.
c. Explain your previous answer (in several sentences and/or equations)
Why might a money lender who relies on threat of cutting off future credit to enforce repayment of current loans be less willing to make a loan to an individual that plans to invest money productively.
Price Discrimination Assignment A movie theatre has a cost function which entails the rent of the commercial building of $50 per day (fixed cost) and a marginal cost of $5 per viewer. Determine the optimal ticket prices for students and for others. D..
By how much should the U.S. automakers adjust the price of their automobiles if they wish to increase the volume of their sales by 9.2
If GDP is increasing by 3% every year Explain how long will it take GDP to double. Given the same conditions above, Explain how long will it take Every Capita GDP to double if the population grows at 2%.
u.s. trucking pays its drivers 40000 per year while american trucking pays its drivers 38000 per year. for both firms
The AD/AS model is useful in predicting the effects of various shocks and policy changes on an economy. The model is based on goods and services being exchanged in well-functioning markets. In general, however, markets are not always perfect. Conside..
Why might price collusion occur in oligopolistic companies. Evaluate the economic desirability of collusive pricing.
A June 10,1996, Wall Street Journal article titled “Americans Eat Up Vitamin E Supplies” discusses the shortage that existed for vitamin E at this time. According to the article, the shortage was created by two changes in the marketplace. First, the ..
Suppose the marginal cost of solving the global warming problem and the marginal benefit of doing so are listed below. How many degrees of temperature to be reduced are best for society to implement? Explain why?
Solve for the change in consumer surplus, the change in producer surplus, the change in government revenue and change in total surplus (i.e. the deadweight loss) from the market without the tax.
Which of the following makes discretionary fiscal policy more difficult to use appropriately?
If a hard freeze eliminates premium coffee crop, illustrate what will take place to the price of premium coffee.
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