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Suppose that Julie always spends $40 per month on wine (good X) and the remainder of her income on everything else (the composite commodity, good Y). Let the price of the composite commodity be $1 per unit of Y (this means that Y represents the $ spent on all goods other than wine.)
State Julie’s demand function for wine.
State Julie’s demand function for the composite commodity.
Draw an income-consumption path for Julie as her income reaches successively higher levels, all else equal.
Draw two Engel curves for Julie: one for wine and one for the composite commodity. (On these Engel curves include any intercept and slope information that can fully describe the curves.)
Draw a price-consumption path for Julie as the price of wine falls, all else equal. For this graph assume that her income is $100 and the price of a glass of wine falls from $4 to $2 to $1. Draw the three corresponding budget constraints and clearly identify the optimal choice on each constraint. Then show the price-consumption path for wine.
write the productivity factors which may describe the differences in pay between men and women in similar occupations.
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Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
Cypress River Landscape Supply is a larege wholesale supplier of landscaping materials in Gerogia. Cypress River's sales vary seasonally; sales tend to be higher in the spring months than in other months.
abe forrester and three of his friends from college have interested a group of venture capitalists in backing their
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Trapper Joe, the fur trader, has found that his production function in acquiring pelts is given by q = 2?H where q = the number of pelts acquired in a day, and H = the number of hours Joe's employees spend hunting and trapping in one day. Joe pays hi..
What is a convertible bond and why do investors find such bonds attractive? What advantages do convertible bonds have for the issuing firms? What stakeholder group might be harmed when a firm issues convertible bonds?
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