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Suppose you have $440 to spend on either concert tickets or CDs. Concert tickets cost $11 each, and CDs cost $8 each. Let T = the number of concert tickets, and C= the number of CDs.
A) Write the equation of the consumers budget constraint.
B) Using a graph illustrate the budget constraint faced by this consumer. Be sure to label your graph carefully indicating the appropriate values on the axes. Please put the number of concert tickets (T) on the vertical axis and the number of CDs (C) on the horizontal axis. What is the value of the marginal rate of transformation between concert tickets and CDs?
Do you agree or disagree with the statement that: "A monopolist always charges the highest possible price."? Explain. b.) Why can't an individual firm raise its price by reducing output or lower its price to increase sales volume in a purely competit..
Explain short-run and long-run effects on the US GDP and the price level for the following events. Assume that policymakers take no action.
On March 1, Emily loaned Billy $1,000. Emily charged a monthly interest rate of 0.10 percent on the loan. Billy repaid all of the loan principal and interest on the agreed upon date, March 31. If the price of the camcorder on March 1 was $1,000 and f..
An alternative has a discounted project cost of $4,185,000 with no salvage value. The estimate was in constant dollars and the discounting used mid-year factors. While the period of analysis is 5 years, the alternative only provides benefits for the ..
Illustrate what are the Joseph's demands for roses also tulips as a function of prices also income.
Elucidate how does the Demand curve faced by a monopolist differ from the Demand curve faced by a perfectly competitive firm.
An individual derives utility from consumption goods, X, and leisure time, N, to maximize the daily utility level, u = XN. Outside income per day is $m and the price of consumption goods is $p. How many units of consumption goods will be produced?
“Pay for performance” schemes may take several forms. One is a piece rate scheme, in which there is an explicit mathematical formula that translates workers’ output into pay. (For example, a worker might be paid $5 per unit of out put he or she produ..
Adam Smith: U(x,y) = xyJeremy Bentham: U(x,y) = xayb (Cobb-Douglas utility function)Alfred Marshall: U(x,y) = ln x + ln y John M. Keynes: U(x,y) = x + yb (Quasi-linear utility function) Joan Robinson: U(x,y) = aX + bY (linear; perfect substitut..
Suppose that a monopolistic company faces the consumer demand curve. Find out the profit-maximizing quantity of the product.
From FDR's Folly Chapter 15: Explain and critique the current policy of the Supreme Court in determining whether or not a law is constitutional using analysis of fundamental and non fundamental rights, and give two examples each of fundamental and no..
Over the past 50 years improvements in transportation and communication technologies has made it easier for companies to engage in business outside domestic borders. What forces motivate organizations to go global?
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