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Assume the price of large gulf shrimp is $18 per pound and that the price of hard shell Maine lobster tails is $36 per pound. Your professor uses ½ pound of lobster or ½ pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/pasta dinners and 1 lobster pasta dinner. Is his marginal utility of a lobster based dinner equal to the marginal utility of a shrimp dinner for him? If so, explain. If not, what is the approximate difference in MU of shrimp vs. lobster?
Elucidate how has the number of payroll jobs changed over the last 3 months and over last year in Antigua and Barbuda.
The remaining ten men are also farmers but they produce coconuts without shovels. Each such farmer can produce 50 coconuts per year.
q1. in may 2011 the average price of gasoline in the united states was 3.76 per gallon and consumers bought 5 percent
Suppose that Ellen has $I to spend on goods x and y: The price of good x is px and the price of good y is p y: Write down Ellen's budget line and draw it. Indicate the slope, as well as the vertical and the horizontal intercept.
Sally deposited $100 a month in her savings account for 24 months. For the next five years she made no deposits. What is the future worth in Sally's account at the end of seven years if the account earned 6% interest annually, compounded monthly?
Describe how the Production Possibilities Curve (PPC) changes for a nation facing increasing opportunity costs for producing food and video games given the following events
In a third world country, the central bank wants to reduce the inflation rate by 5%. The current money supply is $2.0 trillion and the goal is to have equilibrium in the money market (Ms=Md). What should be the new target interest rate to reduce the ..
A tax that results in a larger fraction of income being paid in taxes as income rises is a ________ tax.Answer regressive head progressive proportional
3a wine producer claims that the proportion of its customers who cannot distinguish its product from frozen grape juice
Economists sometimes shock noneconomists by stating that they do not favor the complete elimination of pollution. Explain the rationale for this position.
Do you believe that a “culture of entitlements” exists that contributes to the budget crisis? Does this concept carry over to corporate culture?
There are two excavators to choose from, A and B: The capital cost tor Excavator A is $150k, runs for 4 years and the maintenance costs are $20K per year. The capital cost for Excavator B is $150k, runs tor 3 years and the maintenance costs are $15k ..
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