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Over the past decade medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity of other goods. Furthermore, let income (M) be measured in hundreds of dollars, the price of medical services and other goods in terms of dollars per minute, with M=100 ,Px = 4 , and Py =5
a. Graph the budget line, and determine the market rate of substitution. b. Explain and illustrate the budget line and opportunity set. c. Show in your graph what happens to the budget constraint if increases to $10. d. What is the meaning of the slope of the two budget constraints?
The market basket utilized to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts also 2 pairs of pants.
Chapter One's discussion of American Political Culture identified important core values that have served as important elements of American History. Which of these core values is the most important in today's society? Do you think any of them have dec..
Widgets are sold by a constant-cost industry where each firm has fixed costs of $60 and each firm has the following marginal cost curve: In long run equilibrium, what is the price of a widget? The city would like the price of widgets to change. Plan..
The fact that since 1973 blacks have never had a lower unemployment rate than Hispanics, who in turn have never had a lower unemployment rate than whites is evidence of a fairly rigid what?
A New York Times editorialist recently advocated a cut in the payroll tax.
A loan for $80000.00 is to be paid with 12 equal payments, paid every other month (6 payments a year) ,The first payment being 9 months after barrowing the money. The interest rate is 12% pre year compounded monthly. What is the size of each of the 1..
Competitive free marketplaces maximize the utility of those who participate in them; they also maximize society's total utility.
With a Swedish Kroner, the likelihood of getting Heads when it is spun on edge is 0.2. If X is the random variable where X(H)=1, X(T) = -1, find the expected value E(X), the variance Var(X), and express X in its standard form. Consider two fair dice,..
A firm uses labor and capital (L, K), to produce an output. The hourly cost of labor is $10 and the hourly cost of capital is $50. Which combinations of labor and capital hours of use represent points on the firm's $100,000 Isocost line? Please show ..
The total fixed costs for manufacturing a product each month is $8,000. The variable cost per unit consists of direct labor, material and overhead. The labor will be based on the 25th unit and an 85% learning curve is expected to apply to the number ..
Which of the following are positive economic statements and which are normative? Explain. a) Higher gasoline prices cause the quantity of gasoline that consumers buy to decrease. b) Everyone should enjoy open access to health care. c) A comparison of..
Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption
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