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Agya Koo is really excited about going to AUCC, which starts in twoweeks, But his parents just dropped a bombshell; he is going to have to buy all of his ownclothes for the first semester.Oh no, he's never paid for his clothes! And he really wants more ofhis favourite blue jeans well ,at least he knows his own TASTES ! and Koo wants lots ofpairs so he won't have to do laundry often! Then looks at his tattered and outdate sneakers andwonders how long they willlast. What good are geart blue jeans if the the sneakers are tooweird? Sigh. Time to do research and figure out how to manage this." OK " Agya thinks, " I can figure this out I'll just go to ObaaYaa and find what I need to know . I wonder what the PRICES of "first selection" of blue jeansare these days?Obaa Yaa gives Agya Koo all the "APO". This is useful informationwhich tells Agya that he needs to do some price comparing from the various "Ben DownBoutiques (BDBs) in Accra".Agya is ready to think about how many pairs he can buy.Wait a minute, what happens if any of the ladies going to AUCC spotme at the BDBs? . I will buy any jeans from the Accra mall.Oops I am not quite ready to decide how many pairs I can buy."Let's see," Two more weeks of work before school starts and the part time job has been payingan INCOME of about GHc200 per week . No way can I buy the 8pair that would last fromone semester to the next visit without washing, the COST will be too high relative to theexpected BENEFIT . And the there is the issue of new sneakers (RELATED GOODS).Time to berealistic! For sure my rich older sister YAA BABY won't help ! Maybe I could talk to my boss,and work a few more hours to increase my EXPECTED INCOME. Hey, I'll bet they'll have aback to school sale next week at the Accra Mall and EXPECTED PRICES will be lower.Maybe I should wait to buy some of the blue jeans then."Agya Koo works extra five hours this week and the blues jeansprices do come down by several cedis. He manages to buy 4 new pairs of blue jeans , newsneakers , and the shoes store throw s in a new t-shirt to promote their sale . Agya Koo had agloriously successful firstsemester in this blue jeans and his economics class at the AUCCwith full SATISFACTION.
Agya Koo considered some major elements that determine how much ofa product a buyer purchases.1. Review Agya Koo's decision process. What are the key elements ordeterminants of amount purchased? 2. Consider each of these key words or determinants individually(one at a time): if that determinant increases, how does thataffect the amount of the good that is purchased?
Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself.
The Millennium Development Goals aims were to be achieved by 2015. A few will be met; many others will not. In either case despite great progress, poverty will remain a serious ongoing concern.
Will the homeowner retrofit also which insurance policy will the homeowner buy. Explain will the insurance company make a profit (on average) given the homeowners choice.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of d..
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Would an attempt to decrease the budget deficit not increase it. Does today's deficit not create tomorrow's surplus.
Suppose you have $7,000 in savings when the price level index is at 100.then what is the real value of your savings if the price level declines by 10 percent.
The government will tax good for many reasons, resulting in a fall in equilibrium quality while the prices increase. Could someone explain how price controls and taxes have influenced your purchasing choices.
Assume at present, firms in perfectly competitive market are receivings negative economic profits (losses). Describe the process by which this industry will reach long-run equilibrium.
Assume that a chair manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed following levels of production corresponding to different numbers of workers:
Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0
Credit cards are sometimes discussed as a public problem. In 2001, purchases on credit cards accounted for 21% of consumer spending in America, which has the lowest savings rate of any big country.
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