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Assume consumer equilibrium (budget curve and indifference curves). Draw 3 separate scenarios: (1) the price of good x decreases; (2) the price of good y increases; and (3) the budget (income increases). In each scenario, explain the effect on the graphed lines, on the relative price between the goods, and the final consumption of good x and good y (increases or decrease).
draw a supply and demand graph to illustrate the consumer surplus that occurs when the market is in equilibrium
the manager wins with a payoff of 20, and the auditor loses with a payoff of - 20 . If the actions don't match, the auditor wins with a payoff of 20, and the manager loses with a payoff of - 20. Diagram this game and comment on the equilibrium.
Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
Illustrate what is the individual's optimal consumption in each period. Explain how much saving does he or she do in the first period.
In a production run of 1000 parts, how many defects would be found (to the nearest whole number)? What is the advantage of reducing process variation?
an estimate of the demand function for household furniture produced the following resultsf 0.0036y 1.08 r0.16 p 0.48
What are the factors that affect pay differentials? How does each factor increase or decrease relative wages?
Explain General Medical makes disposable syringes for hospitals and doctor supply companies. The company uses cost plus pricing and currently charges 150% of average variable costs.
Comment on this tradeoff between equity also growth.Explain how would you go about resolving the matter if you were the president of a small poor county.
Draw the MC cure for Guns in terms of the production of butter. If the economy produces 3000 guns per day, how much butter can it produce per day.
Its price for an engine overhaul is less than Illustrate what it costs Pam AM to do an overhaul themselves.
During hard times what should be done to encourage people to spend more so as to rise aggregate demand and invariably, create employment possibilities.
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