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For each of the following situations, find the consumer's optimal bundle. Be sure to show your work. Also, for each case, draw the consumer's budget constraint, indicate the optimal bundle on the graph, and accurately draw the indifference curve that runs through the consumer's optimal bundle. a) U(X,Y) = X2Y. The consumer has $24 to spend and the prices of the goods are PX = $2 and PY = $4. Note that the MUX = 2XY and the MUY = X2.0
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
What two kinds of changes in the capital stock can improve labor productivity How can each type be illustrated with a per-worker production function What determines the slope of the per-worker production function
A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
Discuss how current trends in consumerism may change the way health care professionals are paid. Do you think it will get to a point where they are only paid for performance.
other things the same, a fall in the economys overall level of prices tends to 1.rise both the quantity demanded and supplied of goods and services 2.rise the quantity demanded of goods and services, but lower the quantity supplied3.lower the quantit..
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What is the most effective way of decreasing the quantity of drugs consumed
When someone owns an asset (such as a stock) that rises in value, he has an "accrued" capital gain. If he sells the asset, he "realizes" the gains that have previously accrued. Under the U.S. income tax, realized capital gains are taxed, but accru..
Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium.
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or..
Suppose that the trade pattern of a country is that it exports foodstuffs and imports fancy sports equipment. Can you make a case that trade acts like a regressive tax in its impact on the distribution of real income and welfare within the countr..
Potato chip industry in Northwest was competitively structured and in long run competitive equilibrium; companies were receiving a normal rate of return and were competing in a monopolistically competitive market structure.
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
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