Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
A consumer has a monthly income of 1000 dollar that he allocates among two goods: food and clothing. Suppose the price of clothing is pC = 50 and the price of food is pF = 20.
a) Illustrate the various combinations of food and clothing the consumer could afford with his budget. Place food on the horizontal axis.
b) Assume that the consumer’s preferences can be represented by the utility function U(F,C) = F1/2C1/4. Calculate and illustrate graphically the consumer’s optimal choice.
c) Suppose now that food is taxed, causing the price to increase by 50%. Calculate and illustrate graphically the consumer’s new optimal bundle.
d) Suppose instead that food is rationed at a quantity less than the consumer’s desired quantity. Illustrate the consumer’s new optimal bundle.
Please offer step by step working for each part please.
working for the various combinations affordable with his budget (I somehow dont understand how to calculate these)
a researcher reported that he had found the demand curve for kerosene to be upward sloping.-as the price of kerosene rose the quantity demanded of kerosene increased. Illustrate what questions might you have for this researcher.
In the foreign exchange market, if the interest rate on foreign deposits increases, holding everything else constant,
Which of the following statements is least true regarding the accumulation of power?
The largest labor union in the United States represents approximately
The Environment Ministry in Japan proposed new carbon tax in order to meet Japan obligations to decrease carbon dioxide emissions under Kyoto Treaty.
studies on the comparative work habits of the wealthy tell a different story. Research by professors Mark Aguiar. Explain which wealthy person has reservation wage.
question 1 the economic surplus of a particular action is answer the value of the action the cost of the action
Explain what should be the production level if fixed costs rose to $70,000 per month. what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity.
Using what you have learned about market-based incentives, suggest a policy initiative that would discourage land disposal in the United States.
Suppose that the salary for a recent industrial engineering graduate is expected to increase by 12% per year from a base of $52,000 over the next five years. If the interest rate is taken to be 10% during the period, the present worth of the earnings..
When a tax is levied on a good or service, the following will happen:
Explain how does your graph relate to the other two graphs. What do any of these graphs have to do with price discrimination.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd