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Suppose Shiva has preferences different from those discussed in class, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indifferent. If he consumes more bread than milk, however, every time he gives up 1 unit of milk he requires 2 additional units of bread to remain indifferent. A. With the quantity of milk (QM) on the vertical axis and the quantity of bread (QB) on the horizontal axis, sketch a representative indifference curve for Shiva. B. What is Shiva’s marginal rate of substitution at any bundle where QM > QB? What is Shiva’s marginal rate of substitution at any bundle where QM < QB? C. Suppose the price of bread equals 1, the price of milk equals 1, and Shiva’s income is 100. How much milk and bread will Shiva consume in order to maximize his utility? Provide a graph to illustrate your answer. D. Suppose the price of bread increases to 4, while the price of milk and Shiva’s income remain at the values in part B. How will this affect (i) Shiva’s optimal choice of milk and bread and (ii) his utility (i.e., will his utility increase, decrease, or remain the same)? Provide a graph to illustrate your answer.
Find the mean and standard deviation of team payroll for the 14 American League and the 16 national League teams.
Now, the government realizes aforementioned situation that the one firm controls the industry. Economic officer from the government asks you to fix this problem. Provide your solution by applying the price regulation scheme and you have to give me a ..
ASW Publishing, Inc., a small publisher of college textbooks, must make a decision regarding which books to publish next year. The books under consideration are listed in the following table, along with the projected three-year sales expected from ea..
q. real wages and productivity-are workers paychecks keeping up? over the long run historically real wages produce
Economists believe that the current values of the deposit multiplier and the money multiplier are widely divergent. Why might these values differ at present? What (if anything) do you think must happen for them to converge once again?
A firm believes the sales volume (S) of its product depends on its unit selling price (P) and can be determined from the equation P = $100 - S. The cost (C) of producing the product is $1000 + l0S.
The existing equipment will be sold for $6,000. Illustrate what is the first cost that should be used.
If a portion of the loans extended by commercial banks is taken as cash rather than as checkable deposits, the maximum money-creating potential of the commercial banking system will.
Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units o..
The U.S. government issues a coupon bond with the coupon rate 5% and the maturity 20 years. The bond with a face value of $1000 is sold at a present value of $900. Calculate the yield to maturity of the two bonds. Are the two bonds sharing the same y..
Which of the following would occur if the federal government decided to use a budget surplus to reduce the existing debt.
Has consumer surplus been affected in any way due to the changes in the auto structure of industry
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