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Hulk goes to the gym 20 times a month. His income is $1000 per month and his visits to the gym cost $4 per visit. For simplicity, assume all other goods that Hulk consumes besides the gym costs $10 each. Assume Hulk exhibits diminishing marginal rate of substitution between visiting the gym and consuming all other goods. a. Draw Hulk’s budget line for visits to the gym (horizontal axis) and all other goods (vertical axis). Show the consumption bundle on the budget line that maximizes Hulk’s satisfaction and draw an indifference curve through that point. b. Suppose the gym has a membership option of a flat fee of $60 per month and the cost for members is $1 per visit instead of $4 for non-members. Draw Hulk’s budget line if he were to join this new club. Would Hulk join the membership? Explain why.
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
All workers face tradeoffs. Self-selection allows workers to exploit these tradeoffs when choosing jobs, thus maximizing utility. One trade off is between pay and safety. Some workers are willing to take a hazardous job if it is accompanied by higher..
An equipment rental firm purchased a new scissor lift to add to its rental fleet. The scissor lift cost $18,000 and is expected to have a useful life of 4 years. The salvage value at the end of the lift's useful life is estimated to be $4,000. determ..
Which of the following statements are true about both monopolistic competition and monopolies?
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
An investor has an opportunity to buy a parcel of land for $100,000. He plans to sell it in two years. What will the sale price have to be for the investor to get a 25% constant dollar before-tax ROR with inflation averaging 10% annually? What escala..
Elucidate what would be the P and Q in a competitive industry. Find CS and PS for a competitive industry and a monopoly. compare them.
Utilize this concept to construct an example in which a risk-averse individual prefers a gamble to a certain amount of money.
This section examines correlation, estimating confidence, and margin of errors. Correlation is an important concept to understand, since often what is found in many areas of research is not cause, but a relationship that exists among variables.
Identify which of the following statements is always true for a natural monopoly as the number of units produced (output) increases.
q.use the following table to answer questions a-c.output q0 1 2 3 4 5 6total costtc36 45 52 61 74 91 110a. what is the
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
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