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When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. One day Joe is walking down Downer street and is dismayed to discover that the price of good X has increased to $2. However, moments later Joe is delighted to find a $100 bill on the street. Use budget lines and indifference curves to answer the following question, leaving his unknown income as the variable I. Assume that he has normal convex shaped indifference curves and that he spends all of his income. A)How many units of goods X and Y does Joe purchase before the price increase and finding the $100? B)After the price increase and finding the money can Joe still afford the same number of units of X and Y as in part A? C)Is Joe better off, worse off, or just the same as before the price increase and finding the money? In other words, is utility higher in part A) or when Px=2 and income is I+100?
The demand-supply market models (for each market below) to graphically illustrate and explain the following scenarios (in the short run). Identify for each scenario what the effects on price and quantity are likely to be. State your assumptions.
The firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275.what are the firm's ATC per unit at these three levels of production.
Industry and general pattern of change and hypothesize the basic short-run and long-run in a market economy
You have a 0.35 probaability that you can turn your current $15,000 into $50,000 and a 0.65 probability that fierce competition will drive you to ruin, losing all your money.
Alan Greenspan,chairman of the fed ,was the leading proponent of the view that it is too difficult , and potentialy too harmfull,topop a bubble by raising interest rates..if bubble emerged, better to quickly lower interest rates to cushion the blo..
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
In short run, assume that all the costs [except film rental and concessions] at a theater are fixed, and that each theater can seat five hundred people per day, no more.
Should the monopolist advertise? If so what will happen to the price and who will each pay up to $8.00. Neither are willing to purchase additional units at any price
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced.
Determine the price elasticity, and income elasticity of demand and where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.
During the reading of research data collection tool I select the scanner data system due to the saving and targeted coupons first hand and saving money on discounted items and various products throughout the store .The drawback is when potential ..
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