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a) Explain in words what the budget line is.
b) Suppose we have two goods. The price of good 1 is 10 and the price of good 2 is 15. The income is 30. Construct a diagram, with the quantities on the X-and Y-axes, and draw a budget line in the diagram.
c) How do the prices and the income affect the shape of the graph? What happens if the price of one good rises? What happens if income increases?
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone-free milk and at the same time south african consumers choose to be more healthy
What is your understanding of demand? What are the determinants of demand? Please provide example (market, event, and effect on equilibrium).
Suppose the market supply function is Qs = -500 + 50P where P > 10- Determine the price elasticity of supply η at prices $15, $20, and $25.
Julia must select between two different designs for preventing closure, which will be in use indefinitely. Model 1st has a life of 3-years and cost of $8000, and maintenance of $1000 every year.
Presume that the required reserve ratio is 8.0%. What is the simple money (deposit) multiplier? Round to two decimal places.
Define the number of baskets of apples and bananas produced as QA
The wife makes her claim for the birth of the other twin. As the head of Employment Insurance in Canada, would you allow either or both of these claims? Discuss your reasoning. Efficient production of a public good requires and that individuals pay..
abc co. has recognized numerous opportunities to expand in foreign countries and has assessed many foreign markets
Performance standards are preferable to technology standards in that they give some flexibility to firms in terms of achieving a given amount of emissions reduction. Emissions taxes are preferable to trade able emissions permits in that the revenue f..
Describe your general strategy with respect to creating a more balanced budget and describe specific areas that you propose to increase and decrease as part of your revised budget plan.
what is the economic market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss?
a suppose the economy is initially in long run equilibrium and the u.s. stock market has a prolonged decrease in
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