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An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food.
(a) Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis.
(b) Now assume that the government gives the individual food stamps worth $100. This is money that can only be spent on food. Draw the new budget constraint for the individual on your graph from part a.
(c) Assume instead that the government had given the individual $100 in cash. Draw the new budget constraint for the individual on your graph from part a.
(d) Would the consumer prefer to get $100 in food stamps or $100 in cash? You need to justify your answer thinking through the possible optimal consumption bundles for the consumer.
Two incinerators are being considered by a waste management company. Design A has an initial cost of $2,750,000, has annual operating and maintenance costs of $1,000,000, and requires overhauls every 5 years at a cost of $825,000.
In the following game, determine the maximum amount you would be willing to pay for the privilege of moving (a) first, (b) second, or (c) third: There are three players, you and two rivals. The player announcing the largest integer gets a payoff of $..
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX. Compute the equilibrium price and quantity in this market.
Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3,738 per year, paid at the beginning of each year, in which case maintenance is provide. Alternatively, she can buy a use..
A consumer receives income y in the current period, income y in the future period, and pays taxes t and t' in the current and future periods, respectively. The consumer can lend at real interest rate r. the consumer is given two options.
Ryan has $200 per week to spend on gas and food. The price of gas is $4/gallon and the price of food is $2 unit. What is the opportunity cost of an additional unit of food in terms of gallons of gas? What is the opportunity cost of a gallon of gas in..
A growing economy means that the economy is producing more also more stuff, either since it has more resources.
A perfectly competitive firm sells 50,000 units of knives at a price of $3. The firm's average cost at 50,000 units is $2.75. Calculate the firm's profit.
Fair cross Farms harvests its crops four times annually and receives payment for its crop 90 days after it is picked and shipped. However, planting, irrigating, and harvesting must be done on a nearly continual schedule.
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Define the following: functional organizations, product organization, geographic organization, matrix organization also network organization.
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