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The Hulk has a $1000 monthly budget for wellness, which he spends on gym visits and vitamin supplements. His preferences over gym visits and vitamin supplements are rational, monotonic and convex. When each visit to the gym cost $10, he goes to the gym 30 times a month. The gym decides to increase the price of a visit to $15. Fearing it will lose customers, the gym decides to also give its loyal customers, like the Hulk, a $150 per month cash gift. Is the Hulk better or worse off after the price increase and cash gift than he was before the gym raised its price? Does he go to the gym more, less or the same number of times? Explain and graphically illustrate your answers (all on one graph)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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