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A consumer has income of $500. chips costs $2 , and burger costs $6 .
(a) Draw his budget constraint (put burger on the horizontal axis). What is the slope of her budget constraint?
(b) Draw Consumer’s indifference curves for chips and burger if you love chips better than the burger. Draw 4 indifference curve and use this graph to describe and explain the three properties of the indifference curves.
(c) Given the prices of burger and chips, what would be the marginal rate of substitution at the point that corresponds to the optimal consumption choice? What does the marginal rate of substitution tell us?
The licorice industry is competitive. The current market price of a string of licorice is $0.40. At this price, a firm decides to produce 2 million strings of licorice this month.
A manufacturer of infant clothes has found that the demand for its product is given by Q = 100P-1.25A0.5, where P is price and A is advertising expenditures. The price elasticity of demand for these infant clothes is? Show me the work
Before entry, an incumbent earns a monopoly profit of Pm = 10 million. If entry occurs, the incumbent and an entrant each earn the duopoly profits Pd = 3 million. Suppose the incumbent can induce the government to require all firms to install polluti..
Consider the open economy model. Suppose that U.S. investors decide to invest more in Canada. What happens to the real interest rate, the real exchange rate, the net capital ouflow, and the net exports in Canada and in the U.S.?
The risk of failure is an inherent part of free enterprise. Does society have an obligation to come to the aid of entrepreneurs who try but fail? Why or why not? Also, please discuss some ways you can minimize your risk.
A U-shaped average total cost curve implies what?
Discuss Explain how "Game Theory" can be used to improve strategic decision making in competitive situations.
Does the free-market (i.e. unregulated) use of common resources tend to be more or less than the socially optimal level?
Illustrate what do you agree with the speaker. Explain your answer with the use of a graph indicating the firm's short-run cost structure.
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. sells a product differentiated from that of its competitors. has marginal revenue less than price
Illustrate distinguish between the functional distribution and personal distribution of income.
Evaluate the federal fiscal policy and monetary policy in terms of the Austrian approach to macroeconomics and the Structuralist Keynesians. While preparing your answer, pay particular attention to their impacts on the national economy and income dis..
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