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Construct a representative indifference curve fore each of the following situations. (Note: Even though some of the goods described exist only in discrete quantities, draw the IC assuming the goods exist in continuous quantities).
a) The goods are right gloves and left gloves
i) The consumer has two hands
ii) The consumer only has a left hand
b) The two goods are water and lobster tails. Eating more than a certain number of lobster tails makes the consumer sick. Other than that, the relationship between the two goods meets our standard assumptions.
i) The consumer is free to discard lobster tails if that is in her best interest
ii) Every lobster tail in the bundle must be eaten.
c) The two goods are Coke and Pepsi. The consumer cannot tell the difference between the two soft drinks.
Economics history question- Answer and explain the following about Karl Marx and Capitalism. What 2 things does Marx identify as the requirements for Capitalism? Explain the origins of each, in turn. Describe the Theory of Surplus Value in detail. Wh..
If by bad management components of a corporation become competitive, the system is destroyed. A common example lies in the practice of ranking people,
Traffic manager of Monarch Electric Company has just received a rate reduction offer from a trucking company for shipment of fractional horse power motors to company's field warehouse. Should company implement new rate.
A nation with a large current account deficit is consuming more than it produces or living beyond its means. Is this necessary bad? What is your judgment for the United States?
The steepness (slope) of an indifference curve indicates which of the following?
The three Cs in the 3C strategy for persuasive writing are
You decide in May that the coming summer's corn crop will be much larger and the fall corn price consequently much lower than most people expect. To act on your beliefs, should you buy or should you sell December con futures?
q1. wanda owns a fish shop. she employs students to sort and pack the fish. students can pack the following amounts of
What is the independent variable? What is the dependent variable? What is the intercept? What is the slope? Which equation represents demand side? Which equation represents supply side? What are endogenous variables in this model? What are exogenous ..
Given the data below, use PRESENT WORTH ANALYSIS at a 15% interest rate to decide if method A or method B should be used. Method A: Initial capital cost of $100,000. Operating cost of $20,000 per year. Salvage value after 3 years is $20,000.
Suppose you have purchased a bond with a coupon rate of 8% that makes interest payments semi-annually, a yield to maturity (hint: this is the annual figure) of 6.5%, and a par value of $1000. If the bond matures in 5 years, what is the price of the b..
Assume that Omar's marginal utility for cups of coffee is constant at 1.5 utils every cup no matter Elucidate how many cups he drinks.
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