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Mathew has the utility function U =vXY (where Y represents apples and X represents hot dogs), income of $20, and is deciding how to allocate that income between apples ($1) and hot dogs ($1).
Mathew's utility function implies that the marginal utility of apples is 0.5vX/Y and the marginal utility of hotdogs is 0.5vY/X. How many apples and hotdogs will Mathew buy?
When a bank raises its interest rates on loans, it typically sees fewer customers visiting to apply to borrow funds. 1. What is the independent variable 2. What is the dependent variable 3. What is the mathematical relationship between these two vari..
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
What would happen to equilibrium GDP if the rate of investment increased to $250 from current $200 billion per year? If net exports go up by $20 billion what would happen to Equilibrium GDP?
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
Discuss the Henry George idea for a single tax on real estate and why did the California State Lottery extend the payoff period from 20 years to 26 years?
Every summer, tickets are sold for a high demand event, tickets are distributed on a first-come-first-served basis at 1pm on the day of the show, but people begin lining up before dawn. Most of the people in the lines appear to be students.
Determine whether each of the following increases, decreases, or remains unchanged in the short run: the market interest rate, the quality of money demanded, investment spending, aggregate demand, potential output, the price level, and equilibrium..
List at least four sources of growth in the economy along with two examples of each source. Explain what it contains and why these sources are important.
What is the bond coupon rate on a $25,000 mortgage bond that has semiannual interest payments of $ 1250 and a 20-year maturity date?
Suppose a monopolist producing Q units of output faces the demand curve P = 20 - Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q.
Is it possible to collect new tax revenue, and at the same time guarantee that the poor individual will not be made worse-off by the new carbon tax? Be specific, and make sure you calculate the final tax revenue. Assume the government is able to o..
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