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Debra usually buys a soft drink when she goes to a movie theater, where she has a choice of three sizes: the 8-ounce drink costs $1.50,the 12-ounce drink $2.00, and the 16-ounce drink $2.25.Describe the budget constraint that Debra faces when deciding how many ounces of the drink to purchase. (Assume that Debra can costlessly dispose of any of the soft drink that she does not want.) 5410. Antonio buys five new college textbooks during his first year at school at a cost of $80 each.
Used books cost only $50 each. When the bookstore announces that there will be a 10 percent increase in the price of new books and a 5 percent increase in the price of used books, Antonio"s father offers him $40 extra.
a. What happens to Antonio"s budget line? Illustrate the change with new books on the vertical axis.
b. Is Antonio worse or better off after the price change? Explain.
Draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
Compare the political scientist's view of government and economic policymaking and the Public Choice conception of politicians, bureaucrats and special interest groups in the political process. Which do you consider to be more realistic for underst..
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return) in the n..
What is cost of AFC per paper, what is MC per paper and what is minimum amount must charge to break even on costs?
Explain how each of the folloowing variables will be affected by proposed steps that you have identified in the first part of the decussion: Money supply, interest rate, inflation rate, aggregated demand and output.
An economy's production possibilities frontier is also its consumption possibilities frontier. under all circumstances,under no circumstances or else.
In a closed economy $10,000 is to be spent anually on the maintenance of existing capital stock,while the factor cost of final goods producing during the year=65k $. Producers pay 10k by the way of production. Find GDP at market price.
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
Analyze the characteristics of each of these goods. Focus on the characteristics that define each good as public or private.
What would the number of paying patients and federally funded seniors be if the federal funding agency raised its rate to $120 per treatment?
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
A firm has estimated the following demand function for its product:
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