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Herbert spends all $50 of hes paycheck on food and shelter which each cost $5 per unit what is the equation of hes budjet line ? Sketh the budjet line and two possiable indifference curves.that herbert might have. One indifference curve should show Herbert spending his entire budget but consuming too much shelter. Label that point A. The other indiffernece curve should show Herbert optimizing his utililty. Label optimal point B. What is herberts marginal rate of substituion between food and shelter when he is consuming his utililty market basket-
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
Last-mile providers often advertise very fast speeds, but users rarely see speeds as high as advertised rates. Search online to find a network speed test and try it from your home, office, mobile device, or dorm. How fast is the network If you're ..
Calculate the price that the Plaza Movie House will charge for admission to movies in the long run and what will be the number of patrons per day at that price?
Again, assume that prices and wages in the economy adjust quickly so that all the markets in the economy are always in equilibrium. Suppose government expenditure increases. What is the impact of this shock on P (hint. Use the equation you solved ..
Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier,
National defense is considered a public good because there appears to be no limits to the nonrivalry-in-consumption characteristic, and exclusion of nonpayers is impossible. Are there any other goods that so perfectly meet both public goods criter..
An end-of-sale price promotion changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be?
How much will each firm produce in the equilibrium and find in the long run, consumer surplus
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
There is the firm that has pricing control of its output and is capable to identify its consumers in two groups. The total quantity demanded for its output is the summation of quantity demanded by the two groups,
When the interest rate on short-term government securities is higher than the interest rate on long-term government securities, we refer to the yield curve (i.e. the relationship between the return on different bonds) as being inverted
The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below. Compute the expected production for next quarter for each department.
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