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1. Budget Constraint.
Antonio buys 8 new college textbooks during his first year at school at a cost of $50 each. Assume that he buys only new books. Used books cost only $40 each. When the bookstore announces that there will be a 20-percent price increase in new texts and a 10-percent increase in used texts for the coming year, Antonio's father offers him $80 extra. Is Antonio better off or worse off after the price change? (Hint: draw Antonio's budget lines before and after the price increase.)
Now suppose Antonio was also buying some old books before the price increase. Does your answer change?
2. Budget Constraint.
Rashid is a frequent flier with a major airline. His fare is reduced by 25 percent after he flies 30 000 km per year and then to 50 percent after he flies 60 000 km per year. Draw Rashid's budget constraint.
3. Budget Constraint
Alan consumes both tea and coffee. His weekly budget for coffee and tea is $10. Tea always costs $1 per cup. Coffee is normally $2 per cup. This week Alan's cafeteria runs a promotional campaign: if Alan buys 3 cups of coffee he gets the fourth for free. Draw Alan's budget constraint with such promotional campaign.
Calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?
Discuss how pricing affects consumer purchasing, particularly the purchasing trends of individual households
Consider an economy that abides by the classical mode. The production function is unspecified, but we know that the Theory of Distribution (ToD)[W/P=MPN] holds. Suppose there is adrop in the level of capital.
Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies, but instead, the degree simply reflects a high level of inherent mathematical ability. Which on..
There's quite a bit to be said about face-to-face interviewing for sure. But, there's also some drawbacks and you named two major ones: cost consideration and time spent (not to mention, manpower and location). what's one benefit of collecting da..
What is the present value of growth opportunities or P/E ratios the price is at a point in time while the earnings occur over a period of time. It is, therefore, necessary to specify whether the earnings are for the trailing twelve month period (T..
Compare the impact on pre-recorded music compact disks and the cabinet maker''s work of an economic expansion that increases consumer incomes by 20 per cent.
Explain what negative externalities are, and why there may be a case for government intervention to address them. Describe some of the ways to correct the negative externalities and the pros and cons of each method.
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand?
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier,
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