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1. Budget Constraint.
Antonio buys 8 new college textbooks during his first year at school at a cost of $50 each. Assume that he buys only new books. Used books cost only $40 each. When the bookstore announces that there will be a 20-percent price increase in new texts and a 10-percent increase in used texts for the coming year, Antonio's father offers him $80 extra. Is Antonio better off or worse off after the price change? (Hint: draw Antonio's budget lines before and after the price increase.)
Now suppose Antonio was also buying some old books before the price increase. Does your answer change?
2. Budget Constraint.
Rashid is a frequent flier with a major airline. His fare is reduced by 25 percent after he flies 30 000 km per year and then to 50 percent after he flies 60 000 km per year. Draw Rashid's budget constraint.
3. Budget Constraint
Alan consumes both tea and coffee. His weekly budget for coffee and tea is $10. Tea always costs $1 per cup. Coffee is normally $2 per cup. This week Alan's cafeteria runs a promotional campaign: if Alan buys 3 cups of coffee he gets the fourth for free. Draw Alan's budget constraint with such promotional campaign.
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
The demand for housing is often described as being highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics describe the effect of each of the following terms of whether it would increase or decrease the..
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
The United States is currently recovering from its bad recession in over twenty-five years. Using the resource provided in this and earlier modules of course describe what factors
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
How foreign direct investment influences the wages
What effect will each of the following have on the supply of automobile tires?
Sometimes market activities have unintended positive or negative effects outside the market scope called externalities. As a rule maker concerned with correcting effects of gases
Discuss how does the existence of money decrease the expenses of making transactions, relative to a society based entirely on barter?
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
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