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a) briefly explain four underlying assumptions of consumer theory.
b) suppose a consumer's income is used on two goods, X and Y. The consumer's income is $200 and the prices of X AND y are $10 and $5 respectively.
(i ) Derive and draw the consumer's budget line.
(ii) illustrate and explain what happens to the line when the consumer's income doubles to $400.
(iii) illustrate and explain what happens to the budget line when the price of goods Y is doubled.
(iv) using the budget line in (i) above illustrate and explain how consumer equilibrium which maximizesss u
What is an efficiency wage How might payment of an above-market wage reduce shirking by employees and reduce worker turnover How might efficiency wages contribute to downward wage inflexibility, at least for a time, when aggregate demand declines
According to Exhibitor Relations Co., in 2006 average movie ticket prices were $6.55 and attendance was 1.4 billion; in 2007 ticket prices were $6.88 and attendance was 1.41 billion.a. What happened to total revenue from 2006 to 2007?
Constrained optimisation model
The World Trade Organization Press Release demonstrates the impact of a declining world economy on global trade. Discuss the pros and cons of imposing quotas on some imported goods. How would this affect the American economy
Construct a table showing the average variable, average total, and marginal costs of paper cup production. Show your work or embed an Excel spreadsheet into your file showing the formulas you used.
Consider three markets: M1, M2, and M3. There are features of these markets that the Department of Justice observes and features the Department of Justice does not observe. The DOJ observes that M1, M2, and M3 have one
Suppose the demand for computers. For each of the following, state effect on demand, find the equation of the demand curve if consumer incomes are $30,000,
Elderly population is growing more rapidly than the total population - the number of workers is rising slowly, retirees are rising quickly. If total expenditure were frozen, what would happen to benefits per retiree
Describe how market structure affects market performance and conduct. Recognize three types of government regulation that aid to enhance market performance
If the product price is $4 per unit and the price of the factor of production is $80 per unit, the profit-maximizing quantity of the factor is____ unit(s).
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
Estimate whether and how each of the following factors would shift demand curve for chiropractic visits; an increase in the out of pocket price of chiropractic visits.
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