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Construct a representative indifference curve for 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.
If a hurricane strikes Florida, and destroys 20 thousand pounds of oranges, what will the new equilibrium price and quantity be?
What is the implication for the real exchange rate if the PPP condition holds? Under what circumstances does the PPP theory explain how exchange rates are determined why is it not completely accurate all the time?
Suppose that during the past year tv fell from $2000 to $1800 per tv sales increased from 700000 to 800000 tv. calculate elasticity of demand.
Tom Brady gets $200 per week as allowance. Irrespective of what the price of comic books is, he spends exactly $100 on comic books every week. Taking absolute values, Tom’s elasticity of demand for comic books is. Suppose Jerry tells us his preferenc..
Describe the similarities between the health-care sector and it's problems and the higher education sector and it's problems. Why do these two sectors in our economy have similar problems?
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
On March 31, 2008, Hawaii lost 15 percent of its air service as aloha airlines and the cheap-flight airline ATA suddenly shut down. Stranded travellers were offered flights to west coast cities $1000 one way. Under what conditions the $1000 fare woul..
If the interest rate is 5%, what is the present discounted value of receiving $100 in two years? If the present discounted value of $100 received 3 years from now is $81.63, what is the interest rate?
What might you reasonably expect of an industry in which firms tend to have economies of scale?
Distinguish between the resources market and the product market in the circular flow model.
If her goal is to maximize the amount of money she can make every week, explain how many hours will she work at the bookstore.
Suppose someone stated that the Heckscher-Ohlin model is best-suited for explaining trade between developed countries and developing countries, while newer theories such as those of Linder and Krugman are best-suited for explaining trade among develo..
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