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Johnny Rotten consumes two commodities, namely garbage and vinyl records. He keeps the garbage in the backyard where it is eaten by goats and vermin. The reason he accepts the garbage is that people pay him $2 per sack for taking it. Johnny can accept as much garbage as he wishes at that price. He has no other source of income. Each record costs him $6.
a) If Johnny accepts zero sacks of garbage, how many records can he buy?
b) If he accepts 15 sacks of garbage, how many records can he buy?
c) Write down an equation for his budget line?
d) Draw Johnny's budget line and shade in his budget set.
Some politicians and financial/economists argue that the U.S. must embark upon an era of “financial repression” in which wealth must be kept from fleeing the country and must be taxed heavily within the country. What would be the rationale for financ..
Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP..
Calculate the elasticity for each variable at that point and briefly comment on what information this gives you for each variable.
Suppose the U.S. government encouraged new teachers to take jobs in under-performing schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that A) people are rational. B) people respond to economic..
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What are the cross-cultural communication issues that could result from differences in the social, political, and legal structures and hierarchies between the foreign country and the United States?
If a firm adopts a production process that is costly in order to reduce pollution, the results
Calculate the initial level of output per person, the growth rate of output per person also the level of output per person after 100 years.
Elucidate the rationale and the implications of the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
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