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Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt.
a. Draw several indifference curves to illustrate Carl's preferences.
b. What is Carl's MRS?
c. Are Carl's preferences monotonic? How do you know?
d. Are Carl's preferences convex, strictly convex, or not convex? Explain /show how you know
If a representative firm with total cost given by TC = 20 + 20q + 5q 2 operate in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = - 400 + 20P, its short-run profit-maximizing level of ..
Two alternative investment proposals are under consideration for a vacant owner by Urban Development Corporation. Plan A would require an immediate investment of $120,000 and first-year expenditure for property taxes, maintenance, and insurance of $4..
Returning to question 2, suppose the government put a tax on soda of $.50 per can to be paid by consumers. Graph the before and after tax supply and demand curve. What is the new ewuilibrium price and quantity?
The following figure shows the intersection of demand and supply at the price P2 and quantity Q2 in a competitive market. What is the producer surplus at the equilibrium level of output?
What kind of brand name could go head-to-head with Oreo? (Most people unfamiliar with Hydrox think it is a cleaning product.) Make a list of three to five possibilities.
discuss the change in the U.S. unemployment rate and inflation rate over the past year based on the Phillips curve concepts.
The bond, which may be called after five years, has a nominal yield to call of 5.4%. What is the bond's call price?
Which of the following not be considered an industrialized country? Under a progressive tax system,
A monopoly sells its good in the United States, where the elasticity of demand is -2, and in Japan, where the elasticity of demand is -5. Its marginal cost is $10. At what price does the monopoly sell its good in each country if resale is impossible?
if sugar protectionism has the bad effects stated in the editorial, why dont congress and the president eliminate it?
Draw a graph of a market for a firm in a perfectly competitive industry. Indicate the short run profit maximizing quantity and the profits for the firm.
Discuss an increase in the personal income tax will slow the growth rate of the economy.
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