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In the economy of Mungo, discussed in your workbook, there is a third person called Ike. Ike has a red income of 40 and a blue income of 10. (Recall that blue prices are 1 bcu [blue currency unit] per unit of ambrosia and 1 bcu per unit of bubblegum. Red prices are 2 rcus [red currency units] per unit of ambrosia and 6 rcus per unit of bubblegum. You have to paytwice for what you buy, once in red currency, once in blue currency.) If Ike spends all of his blue income, but not all of his red income, then it must be that:
(a) he consumes at least 5 units of bubblegum.
(b) he consumes at least 5 units of ambrosia.
(c) he consumes exactly twice as much bubblegum as ambrosia.
(d) he consumes at least 14 units of bubblegum.
(e) he consumes equal amounts of ambrosia and bubblegum.
calculate the profit maximinizing output. calculate the economic profit earned. Illustrate what is the industry for product equilibrium.
Consider a Cournot duopoly with the inverse demand p = 130 - Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the con-sumer surplus and DWL.
Create summary statistics for hourly wage of women aged 35-39 years in Excel. (note:Data Analysis-Descriptive Statistics, choose summary statistics option.). Any comments on skewness statistic and kurtosis statistic?
Trace the problems inherent in the unequal distribution of the benefits produced by the American economic system. Focus on the efforts of labor to change that inequality and on capital to retain its favored position. Describe evidence of inequality a..
Metro claims that at the time of its loan it was unaware of HFCs interest. Between these parties, who has priority to the collateral? Discuss your answer.
How would each of the following affect productivity in US?
An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 part-time jobs, 5 has two part-time jobs, 10 is looking for jobs, 10 are discourage workers who has given up looking for jobs, 10 run their own businesses, 10 ar..
Draw a Phillips Curve. Explain why economists claimed that the Phillips Curve represented a menu of social choice. Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?
Policies established by the World Bank and the IMF have been the subject of much criticism, especially from the developing world. Why might developing world nations be critical of these policies? Do you think the policy actions are justified? Explain..
If one person consumes a public good:
q1. write a 1050- to 1250-word report in apa format advising the president of rodamia making recommendations for
What is the MRS Is this consumer at an optimum. If not at an optimum should the consumer buy more of the X good or more of the Y good.
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