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An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food.
A. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis.
B. Now assume that the government gives the individual food stamps worth $100. This is money that can only be spent on food. Draw the new budget constraint for the individual on your graph from part A.
C. Assume instead that the government had given the individual $100 in cash. Draw the new budget constraint for the individual on your graph from part A.
D. Would the consumer prefer to get $100 in food stamps or $100 in cash? You need to justify your answer thinking through the possible optimal consumption bundles for the consumer
In mid 1990s, Japan's annual money supply growth rate fell to 1-2 percent from an average annual rate of 10-11 percent in late 1980s. illustrate what effect this decline had on.
The short-run and long-run effects of this change for the levels of per-capita output, and the growth rates of (total) output and per-capita output.
Illustrate how do they compare to the others on any single set of constitutional issues. Assume the store is open 360 days a year.
You plan to buy a $152,015 house. You have $24,200 to use as the down payment. The bank offers to loan you the remainder at 18% nominal interest compounded monthly. The term of the loan is 20 years. What is your equal monthly loan payment?
which her costs are measured is time. Illustrate what is the total cost to hildegard of finding a new plot of grass and getting y units of grass from it.
What is M1 in Iron mania. What is M2 in Iron mania.
Bank is willing to let business have an intermediate-term loan of $50,000 for five years at an interest rate of 6.5 percent. Estimate monthly payment and elucidate where taking this loan is a smart business decision.
assuming economy is in a long run equilibrium, show fraction of total output earned by labour and fraction of total output earned by capital. Explain why, in long run, firms make zero economic profits in this economy.
Elucidate how much the last input added to the total amount of revenue. Elucidate how much the last input added to the total amount of production.
Is the demand for this good price elastic or price inelastic? Justify your classification by talking about the determinants of elasticity as they apply to this product.
q1. assume anna can either wash 12 cars or wax 4 cars every day also bob can either wash 6 cars or wax 3 cars every
Assume that the payoff to a goblin is if he is made into a house elf and that it equals the number of galleons if he is not. Using the solution concept of subgame perfect Nash equilibrium, what happens?
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