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John spends $I on bottled water which he can buy in two sizes: 0.75 liter and 2 liter. The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
(a) Write down a utility function for John in terms of the number of small containers (x) and the large containers (y) that he consumes.
(b) Find John’s demand function for y.
(c) Find John’s compensated demand function for y.
(d) Suppose initially I=20, px=1 and py=2. Draw John’s ordinary and compensated demand curves for y in the same diagram. Make sure to label all the relevant points.
Suppose that there are two commodities and a consumer prefers more to less of each good. If the consumer has transitive preferences, can her indifference curves cross?
Consider the five dimensions of service quality: tangibles, reliability, responsiveness, assurance, and empathy. Identify a recent service encounter you have experienced as a customer (either B2C or B2B) that you would classify as a generally bad exp..
Economists sometimes refer to the attempt by countries to fix their exchange rates, control thier money supply, and operate with open capital accounts in their balance of payments (that is , to have no restrictions on capital movements) as the "impos..
The "interest-only" mortgage typically converts later to a:
Home mortgage rates have fallen to all time low recently while inflation has been relatively low as well, though low mortgage rates and low inflation do not always coincide. Describe a relationship between mortgage rates and inflation that would make..
A business must make a payment of $40,000 five years from now. To fund that future payment, the business will deposit money today into an account which will earn 0.49% per month. How much must the business deposit today, in order to have $40,000 at t..
Assume that Robert is willing to work for 40 hours per week no matter what is the wage rate, so his labor supply curve is vertical at 40 hours. The demand curve for Robert is given by the equation: W = 120 – H, where W is the hourly wage rate and H i..
Every day, Ivan buys 2 cups of coffee and a sandwich for lunch. The price of coffee is $2 per cup and the price of a sandwich is $5. Ivan’s choice of lunch maximizes his utility, and he spends only $9 on lunch. Compare Ivan’s marginal utility for cof..
The government announces that it will privatize the main bank in the country through the stock exchange.
Such retailers can sell as many copies of Vista they such as at the prevailing marketplace price of $200.
Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour. Draw the person’s budget constraint with the income guarantee. Be sure to place..
Saddie Hawkins, a management analyst with Mobile Telephone Services, Inc., has collected the following information about three proposed investment projects. Each investment proposal will require a $100,000 investment to modify equipment at its Colora..
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