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Ms. Sarah Traveler does not own a car and travels only by bus, train, or plane. Her utility function is given by U (b, t, p) = b ∗ t ∗ p where each letter stands for miles traveled by a specific mode. Suppose that the ratio of the price of train travel to that of bus travel pt/pb never changes. (a) How might one define a composite commodity for ground transportation? (b) Phrase Sarah's optimization problem as one of choosing between ground g and air p transportation. (c) What are Sarah's demand functions for g and p? (d) Once Sarah decides how much to spend on g, how will she allocate those expenditures between b and t ?
Why do people hold bonds rather than larger savings account or checking account balances Under what circumstances might they change their portfolios, moving their funds out of bonds and into bank accounts
In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater eductional oppotunities for young women could lead to faster economic growth in these countries
Explain the following statement: Any deviation from planned output or planned expenditures (Consumption + Investment) will throw the economy into disequilibrium.
Explain which of the following transactions would be directly counted in 2013 's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
Monetary policy is carried out by the Federal Reserve. Describe how they use the three tools, reserve requirement, open market operations (Fed. Fund rates) and Discount Rates. Be sure to explain the players involved in each tool, the benefits of e..
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
If you both bring supplies to squeeze your own lemons, you can keep up with flow of customers, can charge more per cup and make about an average of $54.60 If you both bring some awful, over-sweetened powdered lemonade mix, you can keep up with th..
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
If the marginal cost ofplantingand harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
Assume that the experts sre correct and Canada is losing its competitiveness relative to other countries. We can take strong action to reverse this trend, or we can continue on as we have been doing. Explain which course of action you favour.
Identify a product that could be promoted using a social networking site such as Facebook. In about 100 words, explain why your chosen product would be a good candidate for a social networking-based promotion strategy.
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