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Let commodity 1 be bottled water, measured in gallons. Commodity 2 denotes plain tap water, also measured in gallons.A. Samantha places no premium on commodity 1; that is, she regards a unit of the first good as no different?not better and not worse?than a unit of the second good. Draw a typical indifference curve for Samantha. If commodity 1 is ten times more expensive than commodity 2, how much of the former will Samantha consume? Do we have to know what her income is in order to answer this question? Explain.B. Tyler thinks that bottled water is better than tap water. Draw an indifference curve for Tyler through the bundle at (2,2), which is the bundle with two units of each good. We haven't given you enough information about Tyler's preferences to enable you to draw the indifference curve precisely, but you have enough information to determine whether the bundle (3,1) is on, above, or below the indifference curve through bundle (2, 2).
A rise in average variable price always increases the degree of operating leverage for firms making a positive net profit.
If a fixed number of industrial polution permits are marketable; then we should just sell the right to smoke to highest bidders rather than ban smoking outright in many cities, restaurants, towns, business outlets, and bars.
Explain whether monetary and in-kind payments are sources of motivation. If they are not, defend your answer.
Compute the profit-maximizing price, output, and profit levels for this firm if it is not regulated.
Elucidate the trend over the past few years. What stage of the Business Cycle would the U.S. economy be in currently given the trends
If the rate of return earned on reinvested funds is 15 percent also the industry reinvests 40 percent of earnings in the firm, what must be the discount rate.
Discuss the components of Gross National Product? How does it understate aggregate production in Third World countries where substantial economic production may be consumed directly
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
Explain how might Peterson draw on the insights of new growth theory to draft a position statement ruling out unhindered immigration but proposing greater openness to "targeted immigrants".
Assume you fail to hedge, but the British ale seller decides to cut you a break and only pass through half of the pound appreciation.
Most of the critics argue that America has too many elections, a surplus of elected officials, and unwieldy layers of government.
Describe implications for pricing of batteries, brakes and oil changes on the sale of tires.
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