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Assume that good x and y are substitutes.
a. Show graphically and explain the effect on the bundle selected that will maximize utility if the price of good x falls.
b. Draw and explain the demand curve for good x and the price-consumption curve for good y.
c. Show graphically and explain the income and substitution effects for the price change.
Evaluate the Keynesian economists, besides John Maynard Keynes. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
Suppose tariffs of $2 were imposed. Calculate the effect on producer surplus, consumer surplus, government revenue and the deadweight loss.
Use the economic perpective to explin why someone who isnormally a ligh eater at a standard restaurant may become somewhat of a gullton at a buffet-style restaurant that chares a single price for all you can eat.
q.what would be the production possibility frontiers for brazil and the united states?without trade the united states
New York & Co. is considering a limited edition denim jacket. Because it is so special, the first few will sell for a very high price, the next for less, and so on. A curve on a graph is used to estimate the price of each jacket. What if a less autom..
Suppose the marginal product of capital is 16 and the marginal product of labor is 3. If the price of capital is $4 and the wage rate is $3, then in order to minimize costs the firm should use:
An? individuals demand curve is negatively sloped because...
they each printed the other's currency, with the intention of dropping large quantities by airplane. explain why might this have been an effective weapon.
What warnings with you give forecasters in using statistical demand equations for estimating consumer demand? How can the problems associated with using static equations in a dynamic world best be dealt with? Elaborate
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
Compute the expected value, the expected return, the variance and the standard deviation of an asset that requires a $1000 investment, but will return $850 half of the time and $1,250 the other half of the time.
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