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Budget Constraints
* The Budget Line
- The budget line indicates all the combinations of 2 commodities for which total money spent equals the total income.
- Let F equal the amount of food which is purchased, and C is amount of clothing.
- Price of food = Pf and price of clothing = Pc
- Pf F is the amount of money spent on food, and PcC is amount of money spent on clothing.
* The budget line then can be given by:
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
how do i make one on excel
what monopoly market .
Suppose the price of books is $15, the price of movies is $5, and your income is $75. Assuming you have a desire to reach constrained optimization, how many movies will you buy? Ho
What are the advantages and disadvantages of monopsony?
1. The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons. The current emissions tax (price) for pollution is $40/ton. Regu
large firms charge the price which is higher than the small firms, contruct the diagram
In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
You've been contacted by a local semi-professional team in Colfax, known locally as the Colfax Thunder. They play their home games at the HS baseball park for only $100 per month.
DETERMINATION OF EXCHANGE RATES: When we study the determinants of exchange rates, we must distinguish between long run determinants and short run because the determinants in
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