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Sam and Julie are talking about how much they like going to the fitness and how much they like eating out at their favorite restaurant. A session at the fitness costs the same as a meal at the restaurant. Sam says that, for his current consumption of gym sessions and restaurant meals, he values one more meal twice as much as he values one more session at the fitness. Julie is studying economics, and she tells him that he cannot be choosing his optimal consumption bundle.
a) Is Julie right? why or why not? Draw a diagram of Sam's budget line and the indifference curve that he on by making his current consumption choice. Place restaurant meals on the horizontal axis and fitness sessions on the vertical axis.
b) How should Sam adjust his consumption so that it is optimal?
Briefly discuss the concept of both positive and negative externalities and give specific examples of each. In your explanations of the two, cover the differences, discuss why property rights are an important variable, and discuss any other releva..
he lease also provided that the vessel could be purchased at the end of 6 years by the oil company for $35,000. At the end of the 6 years, the oil company exercised its option and bought the vessel.
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
The federal government cuts spending on the purchase of new goods and services by $35 billion at a time when households are not spending 40% of additional income they receive.
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
To mitigate agency problems between senior executives and shareholders, should the compensation committee of the board devote more to executive salary and bonus(cash compensation) or more to long term incentives.
how demand and supply determines prices in "contemporary art market" and the effects on speculation
cost function for clinic visits in a small inner city clinic Quantity of Visits Total Cost per Week If the price per visit is given to be $25, at what level of visits will the maximum profit position be.
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