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With some services, e.g., checking accounts, phone service, or pay TV, consumers choose between two or more payment plans. One can either pay a high entry fee and get a low price per unit of the service or pay a low entry fee and a high price per unit of the service. Suppose you have an income of $100. There are two plans. Plan A has an entry fee of $20 with a price of $2 per unit of the service. Plan B has an entry fee of $40 with a price of $1 per unit of service. Let x be expenditure on other goods (in dollars) and y be consumption of the service. (a) Write down the budget equation that you would have after you paid the entry fee for each of the two plans. (b) If your utility function is U(x; y) = xy, how much y would you choose in each case? (c) Which plan would you prefer? Explain.
the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the average total cost.
An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before the loan was fully repaid.
What is estimated exclusioin and rivalness of (1) 1000 pounds of compacted scrap steel; (2) 1/2 ton of compacted scrap steel; (3) a mahogany tree in an inaccessible Central American rain forest; (4) a mahogany tree next to a new highway through a Cen..
For a course in international trade, our professor touched on the idea of immiserizering growth. He emphasized that immiserizing growth was a theoretical outcome from specialization of trade and did not provide the class with examples on the global m..
Is the product considered elastic, inelastic or unitary elastic. In a few sentences Illustrate what effect does the present supply also present Demand have on this product.
explain how lower coffee bean output in brazil, vietnam, columbia and central america are affecting this market. explain what has been happenning in this market.
Afterward on same day Jane Harris discussed a loan for $5400 at same bank. Exemplify after these transactions, the supply of money.
What is the equilibrium price and quantity of apartment rentals in Lafayette? Suppose the government imposes a price ceiling of $150. What is the impact on the equilibrium outcome? Does this price ceiling necessarily increase consumer surplus? Explai..
If the government purchases also taxes are both increased by $100 billion simultaneously illustrate what will the effect be on equilibrium output.
According to the five forces of the Porter's model, the organization of an industry can be analyzed in terms of its structure, conduct and performance. Discuss. Is it always true that structure causes the conduct and thus performance of an industry? ..
Which of one of the following is an disadvantage of multiple choice questions? How can descriptive statistics be defined. Which measure of varibility describes the average deviation of each score from the mean
Why it is generally not reasonable to say that a particular Pareto-efficient allocation is the most desirable allocation that can be reached.
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