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If prices of x and y are doubled while the income remains the same, the budget constraint:
A. Shifts outward in a parallel fashion
B. Shifts inward in a parallel fashion
C. Rotates outward about the x- intercept
D. Rotates outward about the y- intercept
Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
If the base year is 2009, then the economy s inflation rate is
From the e-Activity, determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production.
Find out the equilibrium level of GDP. Next find the multiplier for government purchases and fixed taxes. If full employment comes at y+1800, what are some policies that would move GDP to that level.
Suppose that a company has a fixed proportions production function that requires it to use two machines and one worker to produce 1000 units per hour. Explain why the cost per hour of producing 1000 units is 2v+w (where v is the hourly rent for the m..
Executives estimate, for the first year, that they will have gross revenues of $500K, total costs of $300K, $30K in tax deductions and a one-time start-up credit of $8K. What will the company pay in income tax?
The first cash flow of a 25-year series of quarterly cash flows is equal to $35,000. Each cash flow in the series increases by $800. Find the amount of each cash flow in an equal quarterly cash flow series that is equivalent to the increasing cash fl..
Elucidate in writing to what market your derivation brings equilibrium and how it accomplishes this. What are the principal differences between flexible and fixed exchange systems.
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market ? Suppose demand is still described by P=5.10-0.80Q and supply is described..
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
What is the average inflation rate. Explain how would inflation be different if real income growth were higher.
In a socialist economic system, people are free to choose an occupation of their choice, but many people work in ___ jobs.
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