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Bridget has limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget utility, while the last pound of cheese added 40 units.
a. Is Bridget making the utility maximizing choice? Why or why not.
b. If not, what should she do instead.
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
Do the estimated coefficients have the required signs to yield a-shaped AVC curve? Discuss the significance using the p-values.
Price Discrimination: Assume that United Airlines knows that it faces the following demand equations and corresponding marginal revenue equations for its (one-way) SFO to Las Vegas route
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
In national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?
How income may change savings behavior
Provide brief but theoretically sound explanation for each of the following.
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
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