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1. An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate both the price consumption curve associated with changes in the price of wine, and the demand curve for wine.
Price Wine
Price Book
Quantity Wine
Quantity Book
Budget
$10
7
8
$150
$12
5
9
$15
4
$20
2
11
2. An individual consumes two goods, clothing and food. Given the information below, illustrate the income consumption curve, and the Engel curves for clothing and food.
Price Clothing
Price Food
Quantity Clothing
Quantity Food
Income
$2
6
20
$100
35
45
$200
15
50
$250
Your friend invests and patents a portable ice cream carrier (PCC) which you plan to manufacture as well. You determine the demand function for the product is
Differentiate at least two different eighteen month forecasts for Gross Domestic Product (US) and graph them. Include a reconciliation of differences between forecasts for GDP and a rationalization for which forecast you believe is most accurate.
suppose that the marginal utility of good a is 4 times the marginal utility of good b but the price of good a is only 2
Cars arrive at Carla's Muffler shop for repair work at an average of 3 per hour, following an exponential distribution. (a) What is the expected time between arrivals (b) What is the variance of the time between arrivals
Name various areas of business in the US (or world) where the prevailing market structures have changed dramatically in the past twenty years and discuss the direction of the change.
Nowadays, China drives the global economy. So if the trade barrier is reduced, the Chinese economy will go down and affects the economy of the whole world. Do you agree or disagree with this argument?
Beauty lotion is a skin-moisturizing product that contantains rich oils, blended especialy for overly dry or neglected skin. Product is sold in five once bottles by a wide range of retail outlets.
Why are there still poor people in America half a century after the implementation of a system of social welfare programs that were designed to end poverty?
The short run supply curve for an orange producer in Florida is P=.001Q, where Q is bushels of oranges produced in a year. The market value of a bushel of oranges is $20 a bushel.
The table below shows the hypothetical prices and quantities demanded of a software product. Assume that the fixed cost of setting up the production of software is $200 and the marginal cost is $5.
two indicators of economic development include gross domestic product gdp and the human development index hdi. what is
Seven goblins are deciding how to split 100 galleons. The goblins are named Alguff, Bogrod, Eargit, Griphook, Knadug, Ragnuk, and Uric, and they've been rank-ordered in terms of magical power, with Alguff the weakest and Uric the strongest.
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