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1.Consumers in Georgia pay twice as much for avocados as they do for peaches. However, avocados and peaches are the same price in California. If consumers in both states maximize utility, will the marginal rate of substitution of peaches for avocados be the same for consumers in both states? If not, which will be higher?
2. Ben allocates his lunch budget between two goods, pizza and burritos.
a. Illustrate Ben"s optimal bundle on a graph with pizza on the horizontal axis.
b. Suppose now that pizza is taxed, causing the price to increase by 20 percent. Illustrate Ben"s new optimal bundle.
c. Suppose instead that pizza is rationed at a quantity less than Ben"s desired quantity. Illustrate Ben"s new optimal bundle.
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommended course of action?
It is often suggested that the Federal Reserve try to achieve zero inflation. If we assume that velocity of money is constant, does this zero-inflation goal require that the rate of money growth equal zero
A channel of distribution: A) is any series of firms or individuals who participate in the flow of goods and services from producer to consumer or final user. B) is only needed when products must be stored. C) must include one or more intermediarie..
Name the circumstances which indicate an oligopolistic market structure and discuss a real life example of such a market structure. What are the most significant differences between oligopolistic and perfect competition from the consumer's point o..
Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry
Cases in Engineering Economy 2nd by Peterson & Eschenbach
Many analysts in both developed and developing worlds have heavily criticized the cases of monopolies. Discuss using relevant examples whether it is a good policy for the government to completely eliminate monopoly power.
Wendy's narrowed the vanillas to two varieties and brought more than 100 consumer testers into stark white tasting booths at its head headquarters. The testers were told to take at least three bites of each sample before deciding which they prefer..
Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP.
The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well-known for his view that inflation is not a major problem for an economy.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
2) Due to expanded growth in a certain portion of the city, a new waste truck capacity is needed. An additional truck can be purchased now to replace the presently owned assets. The city uses a 5% interest rate for project evaluation. It is eco..
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