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Cori eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs she eats. What is her utility function? If the price of eggs increases but we compensate Cori to make her just as "happy" as she was before the price change, what happens to her consumption of eggs? Draw a graph and explain your diagram. Does the change in her consumption reflect a substitution or an income effect?
A firm is a monopoly with demand p+120-y and cost TC=y^2-4y+1000. suppose the government imposes a price ceiling of $90. what is the monoploist's profit maximizing quantity when the price ceiling is in place what if the price ceiling is $80
the short-run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum (used in producing tires) causes the market prices of tires to rise from $50 to $60
Could this be done differently, such as through JAD sessions or having the users review the program on a weekly basis, rather than taking the users away from their real jobs to work on development?
A country has a growth rate of 5%, a labor growth rate of 7%, and a net investment growing at 5%. The production function is Cobb-Douglas with CRS and a capital share of 1/3. Determine the growth rate of technology.
What is the government's tax revenue? On a graph, show the excess burden of this tax. Is this tax efficient?
If these expansions in the money supply happen, what effect will it have on aggregate demand, GDP, and employment?
A small island nation that lives in anarchy and does not have agovernment is endowed with indestructible coconut trees. Thesetrees live forever and no new trees can be planted. Every year $1million worth of coconuts fall of the trees
What is meant by economies of scale?
What are the best and worst possible scenarios you could envision when every individual in the military uses their own critical thinking skills to arrive at a decision?
Consider a spill of the mixture in a poorly ventilated laboratory. What is the gas-phase mole fraction of benzene in the room? Use Raoult's law. The mixture is 60% by weight of benzene.
An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium ..
Chez Henri is a restaurant chain that operates in forty different cities. It employed an economist to determine the factors affecting the demand for its sales.
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