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Justin likes to have chocolate chip cookies and milk for breakfast. When the price of a chocolate chip cookies is $1 and price of a glass of milk is $1, he consumes 10 chocolate chip cookies and 6 glasses of milk each week. Suppose the price of a chocolate chip cookies increases to $2. Consequently, Justin buys some of each of the two goods.
(a) What happens to the MRS at the point he chooses? Explain.
(b) Suppose when the price of cookies increases to $2, the bundle he purchases is 6 chocolate chip cookies and 4 glasses of milk. Are chocolate chip cookies and milk substitutes or complements? Explain.
(c) From the numbers in the previous part, can we conclude that chocolate chip cookies are normal or inferior goods? What about milk? Explain.
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
A firm encountering economies of scale over some range of output will have a falling long-run average cost curve. How can diseconomies of scale occur at firms with larger capacities?
Which situation describes the increasing returns stage of the production function?
Ten people are shipwrecked with water for only ten person days, but it will take at least 10 days to reach shore( a person dies after ine day without water) How would a Utilitarian allocate the water? Draw the production possibility curve for two peo..
Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic? Calculate the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic?
its marginal costs are below total average costs. If it creates an additional watch where its average total costs rise -fall or stay the same.
Social Security has revenues of $1.8 trillion and expenditures of $1.3 trillion. The nonsocial Security budget has revenue of $2.1 trillion and expenditures of $2.4 trillion. The official budget will report a _______________ (deficit/surplus) of $___..
Candice can make 5 units of food per day if she devotes all of her time to food production. She can make 10 units of clothing if she spends the whole day at clothing production. Now suppose a trading ship visits the island each day and offers to buy ..
What has been happening in Florida in general in terms of unemployment over this time period. What about for GDP.
You sign a security agreement that describes the collateral. The bank does not file a financing statement. Has the banks security interest attached? If so, when?
An advertising campaign will cost $ 200 000 for planning and $ 40 000 in each of the next six years. It is expected to increase revenues permanently by $ 40 000 per year. Additional revenues will be gained in the pattern of an arithmetic gradient wit..
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
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