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Suppose the price of X is $30 and the price of Y is $60. Using this information and the indifference curves denoted by U1 and U2 and the budget constraint lines given in the diagram below answer the following questions. a. If U1 is the highest level of utility the consumer can achieve, what is the consumer’s income? b. How many units of Y is the consumer buying at the utility maximizing point A? c. If the consumer’s budget line now shifts up and becomes tangent to the utility (indifference) curve indicated by U2, what is the consumer’s income now? d. When the consumer is maximizing utility under this budget constraint, he is purchasing 14 units of Y as shown by point B in the graph. How many units of X is also the consumer purchasing at point B? e. What are the values of the slopes of the budget lines shown in the diagram, and what does the slope of a budget line tell us?
You will select any country that is considered developed and compare it with a nation that is developing. Illustrate what are social, economic and political differences that set them apart.
Explain the multiplier concept as it applies in this case. Illustrate what are the qualifications and limitations of the Multiplier Model.
Illustrate what is the tax burden on consumers also producers. Illustrate what is the deadweight loss.
Calculate the firm's optimal output and profits if prices rise to $65 per unit and also calculate equilibrium output, price and profit levels if the firm is typical in its industry.
If these are the only two firms supplying gadgets, elucidate the elasticity of supply in the market for gadgets.
The relative price rule is equivalent to saying the marginal utility per dollar is the same for both goods, or goods should be consumed in the same ra5tion as their relative price.
Suppose that re are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. What is opportunity cost of producing a car in Canada.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
how does development of personal computer hardware and software reversed some of the trends brought on by the industrial revolution.
Elucidate how much the equilibrium quantity of wheat sold. Elucidate the actual cost which is equal to the equilibrium cost.
In this forum we discuss the different arguments that are made in favor of international trade protectionism and the important role of the politics of protectionism.
List all of the possible outcomes under each of the strategies. What is the expected number of delivered (unbroken) eggs under eachstrategy.
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