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Donna buys goods X and Y. She can just afford the bundle X = 6 and Y = 11. She can also afford X = 12 and Y= 8. Each of these bundles exhausts her income.
(a) Draw Donna’s budget line.
(b) What is the ratio of the price of x to the price of y?
(c) If Donna spent all her money on x, how much x could she buy? If she spent all your money on y, how much y could she buy?
(d) Write a an equation that gives you Donna's budget line when the price of x is 1
Assume that a painter produces 20 paintings this year and 20 paintings next year. What is the annual change in nominal GPD if the price of paintings rises from $1,000 this year to $1,500 next year? Can you conclude that the economy grew from this yea..
Deficient as the sole mechanism for determining the optimal level of resource employment.
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If Inputs A and B are respectively 20% and 40% of the cost of producing this product, what is the effective rate of protection on the product?
In a standard supply and demand labour model, firms "demand" labour while workers "supply" labour. Let's think about a labour market that is in equilibrium, with a wage of $20 per hour and with 14 million individuals working out of a total of 16 mill..
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The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: What is the markets labor demand?
Explain why is presidential power "conditional" - that is, why is affected so substantially by circumstances, the makeup of congress, and popular support.
Suppose the Red Sox can segment their fans into young fans and senior citizens. Young fans have the demand curve p = 120-10G (MR = 120 – 20G). Senior citizens have the demand curve p = 60 – 10G (MR = 60 – 20G). Assume that MC = 0. What are the equili..
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
Given the costs of production and market-structure characteristics, analyze how the dem functions under (a) perfect completion and (b) imperfect competition. They will each drive a different approach for maximizing profit and allocation of resources.
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