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Draw an indifference map again, in conjunction with a set of budget constraints. This time the budget constraints should each have a different price of good X and the same price for good Y.
(a) Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X. Can you understand why the curve is so called?
(b) Now repeat part (a), but keep the price of X constant and permit the price of Y to vary. The resulting set of equilibrium points will form a price consumption curve for good Y.
Based on both research and the above figures, briefly discuss whether the country you have been assigned to and Australia was hurt more by the GFC in terms of changes in real GDP and unemployment.
Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is $10, what is the difference in the profit-maximizing price.
Consider a simultaneous move quantity-setting game with two firms facing a demand curve p = 100 - q. Both firms have marginal cost of 20. Suppose one firm maximizes profit and the other maximizes revenue, but both take into account the other firm'..
John has decided to start his own lawn-mowing business. To purchase the mowers and the trailer to transport the mowers, John withdrew $1,000 from his savings account, which was earning 3% interest, and borrowed an additional $2,000 from the bank.
Identify target market and segmentation strategies
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour, assuming she does not do anything else in that hour. She spends 5 hours per day studying. A. Draw Maria's production possibilities frontier (PPF) f..
For Nebraska the opportunity cost of producing 1 bushel of corn is 3 bushels of wheat. At present, Iowa produces 20 million bushels of wheat and 120 million bushels of corn, while Nebraska produces 20 million bushels of corn and 120 million bushel..
An oligopoly firm faces a kinked demand curve with segments given by:P=100-Q and P=120-2Q, where P is the price and Q is the quantity demanded. The firm has a constant marginal cost, MC of $45. A. Determine the firm's profix maximizing level of ou..
Duff Inc. paid a 2.06 dollar dividend today. If the dividend is expected to grow at a constant 4 percent rate and the required rate of return is 7 percent, what would you expect Duff's stock price to be 3 years from now
Mr. Midas has wealth of $100,000 that he invests entirely in money (a chequing account) and government bonds. He instructs his banker to invest $50,000 in bonds, plus $5,000 more in bonds for every percentage point that the interest rate on bonds ..
what must happen to her MC curve at some output level?
Everett Mann's Dream Store sells waterbeds and supplies. The best selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per year. There are 250 working days per year, and the le..
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