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David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce). Bread is provided free of charge by a concerned neighbor. David is a picky eater and makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanut butter. He is set in his ways and will never change these proportions.a) How much peanut and jelly will David buy with his $3 allowance per week?b) Suppose the price of jelly increases to $0:15 per ounce. How much of each commodity would be bought?c) By how much should David?s allowance be increased to compensate for the rise in the price of jelly in part b?d) Graph your results of part a through part c.e) In what sense does this problem involve only a single commodity? Graph the demand curve for this single commodity.f) Discuss the results of this problem in terms of the income and substitution e¤ects involved in the demand for jelly.
Discuss a situation in which both parties entering into a contract could benefit from slightly ambiguous language contained in the agreement.
The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the preformance of the plasma screen makers?
On your graph, label production and consumption of cars and sugar in Home. H. Is trade beneficial to Home and Foreign.
Suppose that spending an extra $2m on advertising by GE will reduce its expected profits by $1.5 m, regardless of whether Maytag enters or stays out. Would this additional spending on advertising achieve the effect of deterring Maytag from enterin..
Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
In which of these instances is demand said to be perfectly inelastic. Elucidate is demand curve is horizontal.
q.the muffler on your car suddenly needs repair also there are only two automobile repair shops in town. you drive to
q1. for you and your neighbor to specialize and trade it must be that the price at which you or your neighbor sells the
Each firm can monitor the other's price very closely and can respond instantly
Elucidate how Levitt devised a means of examining student test scores to uncover evidence of cheating teachers. Explain also why Levitt's analysis of the data constituted evidence, but not proof, of cheating.
A business traveler to Germany who, upon deplaning in Berlin, uses an airport ATM to withdraw 100 Euros from her U.S. bank would receive which kind of exchange rate?
Assume the average value of P is $ 3 and the average value of Po is $ 6. Illustrate what is the price elasticity at the average values of P and Po.
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