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Suppose that Sally has 112 hours of time per week to allocate between market work and household time, earns a wage of $12 per hour if she works, and receives $30 per week in non-labor income. Graph Sally's budget constraint. If Sally's market wage were $15 per hour, how would that affect Sally's budget constraint? Show graphically.
q.consider a market with demand q 10 - p. currently there is an incumbent in the market with capacity k. there is a
Suppose that the firms in an oligopolistic market engage in a price war and, as a result, all firms earn lower profits. Game theory would describe this as what?
Specify the best parametric model for estimating the direct cost of commercial facility construction projects performed by this firm.
1. describe the schumpeterian notion of creative destruction. how does it compare to kirzners view of the
If a firm uses only capital and labour, show why the cost minimising combination of inputs sets:
In 2000, the town of Brother’s Bay in Door County Wisconsin had a more-or-less free market in boat services. Any adult citizen could provide boat services as long as the drivers and the boats satisfy certain safety standards. What is the competitive ..
Assume the U.S. is a small open economy and has balanced trade. Suppose Congress is worried about the U.S. economy entering another recession and as a result increases infrastructure spending. Using the LF model, illustrate and describe the effect of..
An eccentric scientist invent gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. a. What can be expected to happen to the supply of the g..
You are a manager in charge of a marketing research project. Your goal is to determine what effects different levels of advertising have on consumption behavior. Based on the results of the project you will recommend the amount of money to be budgete..
Billie Joe loves Krispy Kreme donuts and coffee. Billie Joe likes to eat 3 donuts (D) for each cup of coffee (C) he drinks. His utility function is: U = min(0.333D, C). he price of each donut is $0.60 and the price of coffee is $2.20. Given Billie Jo..
Wong subscribes to the 6M plan and uses 150 hours a month. Suppose that Wong's demand curve is a straight line such that if the price of access were HK$20 per hour or higher, she would buy nothing. Draw her demand curve, and calculate her buyer surpl..
New actuator element technology enables engineers to simulate complex computer-controlled movements in any direction. If the technology results in cost savings in the design of amusement park rides, what is the future worth in year 5 of savings of $7..
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