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a consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is 30. Is this consumer maximizing his utility? Woul you suggest that he buy more jeans and fewer T-shirts, or more T-shirts and fewer jeans?
Recently, the owner of a Trader Joe's franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $65,000, and her store made $120,000 in profits (not counting payment to her top manager). She suspec..
Suppose short-run output over the next four years is +1%, 0%, -1%, and -2%. According to Okun's law, what unemployment rates would we expect to see in this economy b. Consider another economy in which the unemployment rate over the next three year..
Suppose your designing your computer, with the same benefits from additional RAM described in the proceeding problem. How much RAM do you desire if the price of RAM falls to $50? 2,4,5, or 50. Suppose you are designed a new computer and want to mak..
Provide an estimate of the cross-price elasticity of demand for gasoline, both with respect to new cars and with respect to used cars. Are these estimates statistically significant? Do they align with economic theory? Give an interpretation of y..
Moorea spends all of her income on Mochi Frozen Yogurt which costs $1 per cup. She makes $400 per month but lives in a bad neighborhood and is robbed of half her money 20% of the time. Assume YN and YR represent her consumption of yogurt in cups..
The Haverford Company is considering three types of plants to make a particular electronic device. Plant A is much more highly automated than Plant B, which in turn is more highly automated than Plant C. for each type of plant, average variable c..
find the diagonal and off-diagonal elements of b 2- find the transpose b' 3- show that the transpose of b' equal b that is (b')'=b
The parents of a young child decide to make equal annual payments into a savingsaccount, with the first payment being made on the child's fifth birthday and the last payment being made on the fifteenth birthday. Then a rotal of four withdrawals of..
Annual maintenance of the vehicle is estimated to cost $700 per year. The cost of recharging the batteries is estimates at $0.015 per mile. The salvage value of the batteries and the vehicle at the end of 12 years is estimated at $2000. Consider t..
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
the government wants to adopt a fiscal stimulus, but is worried about raising the budget deficit, so, it decided to raise expenditure and taxes by $200 each, what will happen to equilibrium GDP? Creat a new multiplier model graph and show separate..
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