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Nick is indifferent between 3 hours of basketball (Y) and 1 hour of swimming (X). His preferences are represented by the following utility function: U(X,Y) = 3X + Y. He has a budget of $100. Swimming costs $10 per hour, and playing basketball costs $20 per hour. a. Graph Nick’s budget line. What is the relative price of swimming in terms of basketball? b. What is Nick’s MRS of swimming in terms of basketball? Do his indifference curves exhibit diminishing MRS or constant MRS?
Illustrate what price and quantity will prevail if the monopolist is not regulated. What price-output combination would exist with efficient pricing.
Show the effects of an increase in the total factor productivity, z, on the Laffer curve, on the equilibrium tax rate, and on consumption, leisure, the quantity of labor supplied, and output.
Elucidate the equilibrium price and equilibrium quantity. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price.
Why might variations in the dollar's value in terms of other currencies cause the trade deficit to move independently from the changes in the government budget deficit.
What he didn't foresee was that number of T-shirt stores in South Padre would jump from roughly 10 to 40 within two years. Now he laments.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
What are the components of aggregate expenditure. What determines the slope of the aggregate expenditure line.
Calculate the point elasticity of the firm's total sales revenue with respect to the amount of labor used when q = 2.
Explain how do you think that these individuals would rank the utility of these same expenses for themselves. What reasons may account for the similarities and differences in the ranking of such expenditures by your neighbor, your friend, and your..
At the same time some internet trades such as grocery home deliveries have continually suffered steep losses regardless of scale.
All Industries can increase the volume of goods or services sold by cutting prices.
Illustrate what is the elasticity of demand if you raise the price of your airline's tickets by 6% also the number of tickets sold decreases.
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