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Sara has $12 to spend on popcorn and cola. Popcorn is $3 a bag, and cola is $3 a can. Figure 1 illustrates Sara's preferences. Use
Figure 1 to work Problems.
Suppose that the price of cola falls to $1.50 a can and the price of popcorn and Sara's budget remain unchanged. What quantities of popcorn and cola does Sara buy now? What are two points on Sara's demand curve for cola?
a) sketch the graph, clearly labeling all parts b) what is the equilibrium price in the absence of trade c) what will be the equilibrium price with trade d) if there is a trade barrier indicated by the dataabove which best fits the situation
Suppose that the average loss from blindness in people under forty is $1,000,000, and the test for glaucoma costs $35. Use the Hand rule to determine if the professional standard of not testing those under forty is efficient.
An economy has the per-worker production function: yt=3kt0.5, where yt is output per worker and kt is the capital-labor ratio. The depreciation rate is 0.1, and the population growth rate is 0.05. Savings is: St=0.3Yt
Mensa's total cost of production, TC, is given by the equation TC = 5,000 + 5*q*q, where q is Mensa's output. Based on this equation, Mensa's marginal cost is 10q. If the output price is $100, what is Mensa's short-run profit maximizing output
A cylindrical metal tube of mean radius r = 5 in., length L = 14 ft, and shear modulus G = 11 × 106 psi carries the torque T = 320 kip in. Determine the smallest allowable constant wall thickness t if the shear stress is limited to 12 ksi and the a..
What is the role of the people in the Texas political system?
You are going to buy a milling machine for your company. The company borrows money to make the purchase and the loan terms are 9% per year, compounded monthly while making quarterly payments for 10 years.
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $56 and the price at point e is $31 per bag. The price at point f is $67 and the price at point g is $32 per bag.
calculate the opportunity cost for chris, andrew and stuart if they have to opt between travelling by bus, at 3 hours for $20 OR PLANE FOR $100 IN 30 MINUTES, onsidering that each earn $12, $5 and $10 an hour
what is central planning? Can central planning work? In the theory central planning is equivalent to markets but in practice it can not possibly work? What is meant by taut planning it can fully explain the problems of poor firm performance encoun..
Assume that there are no excess reserves inthe banking system and the reserve ratio is 40 percent. John Smith finds $10,000 incash under his mattress, stashed there by his great aunt who didn't believein banks.
How will these demands be weighted as compared to individual consumers' demands? Again, be sure to cite research that supports your statements.
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