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There are two goods in the world, pumpkins (x1) and apple cider (x2). Pumpkins are $2 each. Cider is $7 per gallon for the first two gallons. After the second gallon, the price of cider drops to $4 per gallon.
a) Peter's income is $54. Draw his budget line. Solve for the intercepts on the x1 and x2 axes, and the kink in the budget line.
b) Peter's utility function is u(x1,x2)= x1 + 3(x2). Find Peter's optimal consumption bundle.
c) Paul's income is $22. Draw his budget line. Solve for the intercepts on the x1 and x2 axes, and the kink in the budget line.
Consider a Bertrand model in which the above firms choose prices to post P_A and P_B simultaneously. Since the goods are identical, consumers will go to the firm with the cheaper price.
Suppose changes in bank regulations expand the availability of credit cards so that people need to hold less cash.a. How does this event affect the demand for money?
1. the federal reserve provides which of the following dataa. federal funds rateb. stock price of gec. bond yields of
Due to the housing bubble. Many houses are not selling for much less than their selling price just two to three years ago. There is evidence that homeowners with virtually identical houses tend to ask for more if they paid more for the house. What fa..
Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of th..
What’s the role of price in allocating the resources? Give logical examples for explanation. Draw graphs where necessary.
i draw the budget line and the relevant indifference curve for a consumer who is initially a borrower. indicate the
Some Classical and Monetarist economists claim that inflation is always a "monetary phenomenon." What do they mean by this claim and are they correct?
suppose that investors become more optimistic about the housing market and purchases of new homes increase. using the
you are the human resource manager for a large multistore retailer. your boss has requested that you start hiring only
organization in concept and practicebullanalyze the potential downfalls of any team effort e.g. free riders and make at
draw on the reservation prices provided in question 6 and assume mixed bundling.suppose the bundle price is set at 3
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