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Assume that in your first job after graduating from college you live in a city where the price of food is PF and the price of housing is PH. You consume F1 of food and H1 of housing per year. Assume that you have strictly convex indifference curves and consume only these two goods. After two years living in this city, your company transfers you to a new city where the price of food is 50 percent higher and the price of housing is 20 percent higher.
a. Draw a graph that illustrates the information mentioned above.
b. Assume that your company increases your income by just enough for you to be able to continue to buy F1 and H1. Using both your graph and a written explanation describe why one could say that you are being over compensated by your company.
c. Using both your graph and a written explanation describe how you would determine the equivalent variation of your company’s compensation plan.
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What economic concept illustrates the fact that at an all-you-can-eat restaurant, one rarely literally eats all the food he/she is physically capable of consuming? Explain.
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Suppose Jasmine is invited to the following dice gamble: a fair die with 6 sides showing a different number from 1 to 6 will be cast. The number on the top side of the die will be the prize money to the player. She needs to pay $4 to enter the gamble..
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Japanese rice producers have extremely high production costs, in part due to the high opportunity cost of land and to their inability to take advantage of economies of large-scale production. Now an economist is trying to analyze two policies which a..
In 1990, the Supreme Court of the United States found which Texaco had indeed violated antitrust law. Which law do you think Texaco was found guilty of violating.
q1. research the current demand for a good or service of your choice. collect information that will affect the demand
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