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True or False. Provide a short explanation.
a. Hillary and Donald both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Hillary buys 3 cans of pop and 10 bag of chips whereas Donald buys 15 cans of pop and 2 bags of chips. If they both have well-behaved (monotonic and diminishing MRS) preferences, then Hillary's marginal rate of substitution between cans of pop and bags of chips is lower than Donald's.
b. Michelle's income increases so she consumes less pizza. Therefore, her preferences are not monotonic.
c. Ann was maximizing her utility subject to her budget constraint. After a price change she chose a new bundle and was better off. Therefore, she could not afford her new bundle before the price change.
d. Suppose that a consumer only purchases two goods. It is possible for both goods to be luxury goods at the same time.
e. A good can be inferior at all income levels.
Compare the ranking of U.S. GDP (purchasing power parity) to that of other countries by visiting the CIA’s World Factbook. After reading the article U.S.A comes up a bit short in global Better Life Index and comparing the relative ranking of U.S. GDP..
Let D equal the domestic demand for oil, Sd equal the domestic supply and Si equal imported supply of oil for gasoline. Assume the world supply is infinitely elastic and the domestic supply is more price sensitive. Assume we currently import some oil..
The individual who encodes a message in the communication process is also most likely to be which of the following:
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that tor the own price elasticity for office visits. Explain why this would be expected.
Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
If the federal government increases government purchases and lowers taxes at the same time, does the budget deficit increase or decrease? Discuss briefly with graphs
What would you learn about an economy if you determined that its GNP was growing more quickly than its GDP?
Consider the short-run production of a firm with a single output Q, a fixed input K (capital), and a variable input L (labour). Define average product and marginal product of labour. Define average variable cost and marginal cost.
Q=4000-4p, where P is selling price per unit and Q is quantity demanded. V= $25/unit which is the revenue per unit and Fixed cost = $10025. (a) Find Breakeven quantity or quantities, (b) find maximum revenue, (c) find the maximum profit.
Adam and Eve live in the Garden of Eden and can trade only with each other. Adam is endowed with 60 units of Pleasures of the Spirit and 80 units of Pleasures of the Flesh. Eve is endowed with 40 units of Pleasures of the Spirit and 120 units of Plea..
Consider the perfectly competitive market for burritos. In the short run, a burrito company has a cost curve of STC(Q)=Q^2+4Q+9, the $9 fixed cost is non-sunk. What is the short-run supply curve for an individual burrito company? Suppose there are 40..
Your employer has asked you to prepare a plan to terminate the health insurance coverage your company provides and move employees to purchase health through the state or federal health insurance exchange (healthcare.gov). Discuss the advantages and d..
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