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You have just won $100,000 lottery. Use a diagram showing the tradeoff between leisure ( on x-axis) and goods (y-axis) for the following:
a) Show how the lottery winning affect your budget line
b) After winning the lottery you continue to work the same amount of hours every day. What is the income effect of the lottery gain?
c) Now your employer increases your hourly wage. Using the income effect form b., as well as a reasonable substitution effect, explain whether you choose to work more hours per week.
The problem is that the professors also want to attend the party and enjoy the music with the students but they can only attend if they agree to serve beer to the students. Normally, professors do not like this. The marginal cost to them is 200.
Why is an increase in number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
Can you explain how fiscal policy (making changes to government spending and taxes) would affect aggregate demand (AD)? How do these two mechanisms of expansionary policy differ? What were the major areas of disagreement between John Maynard Keynes a..
Bob borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly payments are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan ..
The manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months
Compute the price, output, and profit contribution if the product is not certified.
q.1. short-term production function q 50l 6l2 - 0.5l3a. when the law of diminishing returns does begin to take
Describe the types of economic development programs that are being conducted in your community. Analyze the actors involved in the economic development programs.
How do entities determine their fiscal period? Give an example. How would you define a highly leveraged company? What ratio would you use to determine this? Tell me one thing you learned from the guest lecture, and how do you think it may be useful f..
Assume demand for a medical service is given by the equation P = 1000-2Q. Assume the price without insurance is $100, but insurance reduces the consumer’s out-of-pocket price to $50. How many extra services will be consumed as a result of the out-of-..
A group opposed to free trade concludes that the total number of domestic jobs will decrease because it estimates that 20,000 jobs will migrate abroad. The actual total loss is:
Which of the following are the ideal conditions for a laissez-faire economy?
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