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1. Consumer Choice Problem >>The Davis Farmer's Market sells corn for $1 an ear. At this price, Gunrock buys 6 ears each Wednesday. What would happen to Gunrock's consumption of corn if the market offered corn at $1 an ear for the first 6 ears, but 50 cents an ear for each additional ear? Use a diagram containing indifference curves and budget constraints to demonstrate your answer. HINT: Assume normal indifference curves and that the (initial) tangency condition is satisfied when Gunrock buys 6 ears of corn. 2. Problem about Price and Income Changes >>The only goods that Angela consumes are wine (X) and chocolate (Y). On Tuesday the price of wine goes up, though at the same time, Angela's income increases by just enough so that she is equally as happy (in utility terms) as she was on Monday. A. What happens to the quantity of wine that Angela consumes between Monday and Tuesday? Use a diagram containing features of the consumer choice problem. B. On Tuesday, would Angela still be able to afford the same basket that she purchased on Monday? How do you know? On Wednesday there are no new price changes (so the Tuesday prices are still in effect), but Angela's income changes to the point where she can just exactly afford Monday's basket. C. Is Angela happier (in utility terms) on Wednesday or on Monday? Explain why.
The CEO of Always Ready Round Tire has decided to open a battery division. He thinks that batteries would sell well with tires at their outlets and that Always Round's quality reputation will be transferred to the batteries.
1. the following is a linear programming formulation of a labor planning problem. there are four overlapping shifts and
if boeings dollar aircraft price increase 20 percent and the yendollar exchange rate decline 15 percent what effective
Sam and Julie are talking about how much they like going to the fitness and how much they like eating out at their favorite restaurant. A session at the fitness costs the same as a meal at the restaurant. Sam says that, for his current consumption..
Identify the firm"s supply curve on your graph. d. At what price would the firm supply exactly 6 units of output
If the production function is Q=K^.5 L^.5 and capital is fixed at 1 unit, then the average product of labor when L=36 is?
You have been assigned the task of creating a multiple regression equation of at least three variables that explains Microsoft's annual sales. Consider using a time series of data of at least 10 years.
make a case for the notion of a negative or positive externality. show model that illustrate how to internalize the
Interpret the estimated demand function for one-month memberships and calculate the point price elasticity of demand and point income elasticity of demand in Town D at the price charged last year.
What are the types of circumstances under which price discrimination violates antitrust? Use the handout to illustrate your answer (examples included in Section 15.5 – Antitrust: Price Discrimination and the Robinson-Patman Act).
A company wishes to introduce a new flavour of tea in the market. Discuss how the company can forecast demand for the new flavour of tea.
Discuss the characteristics of monopolistic market in detail. Name five different companies that belongs to this market. Compare and contrast monopolistic competitive market with Oligopoly.
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