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a. Using the equi-marginal principle and the condition for consumer utility maximization, please explain the effect on the consumption of gasoline when prices increase. You may assume that the utility of money is constant.
b. Perform the same analysis in (a) using indifference curves and budget constraints. Would the economic recovery and increasing incomes in 2012 have any effect on demand for gasoline? Support your answer with the indifference curve budget constraint model.
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
Using the data provided above, determine if the Hernandez Corp. is using a cost minimizing combination of inputs. Explain your answer/show your work. If your answer is no, how should the input combination be adjusted?
There have been significant discussions on the government's fiscal policy during the Great Recession. In particular, many did not like the government's actions in salvaging the auto industry in providing guaranteed loans to GM and Chrysler. What is y..
A state government has the option of damming a major river to generate energy and divert water to local agriculture. The cost of constructing the dam and associated infrastructure is 100 million. What is the present value of the returns to building t..
What are the costs of inflation? Which of these costs do you think are most important for the U.S. economy? What are your shoe leather costs of going to the bank? How might you measure these costs in dollars? How do you think the shoe leather costs o..
In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..
What would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years?
US imports oil at the world price, $55 per barrel. The domestic supply curve in barrels per day is S = 2500000 + 250000P with P in dollars. Domestic demand curve is D = 70,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate h..
This might be interpreted as an upward shift in the consumption function. Elucidate how does this shift affect investment and the interest rate.
If the interest rate is 5%, what is the present discounted value of receiving $100 in two years? If the present discounted value of $100 received 3 years from now is $81.63, what is the interest rate?
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and the price of soybean feed is $5, what is the cost minimizing feed combination producing P ..
The Fireyear and Goodstone Rubber Companies are two firms located in the rubber capital of the world. These factories produce finished rubber and sell that rubber into a highly competitive world market at the fixed price of £60 per ton. The local gov..
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