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Consider Bob who only consumes donuts and coffee in fixed proportions. Bob consumes 2 donuts with each cup of coffee.
Write down a utility function that is consistent with Bob's preferences. Graph the indifference curves from part a with coffee on the horizontal axis. Write down a utility function that is consistent with Bob's preferences, however, a unit of donuts is now a dozen donuts (hence, bob consumes 1/6 units of donuts per cup of coffee. Graph the indifference curves from part c with coffee on the horizontal axis. If a dozen donuts cost $6 ($0.50 per donut) and a cup of coffee costs $2 and Bob has an income of $100, what is his optimal bundle of cups of coffee and dozens of donuts?
The following table shows the hypothetical labor requirements per ton of wool and per hand-knotted rug, for New Zealand and for India. Labor Requirements per Unit New Zealand India Per ton of wool 10 hours 40 hours Per hand-knotted rug 60 hours 80 ho..
When you paraphrase information you found from an outside source,
Now suppose Alex's income increases to $1,500 per year. What is her new optimal consumption of x? What is her new optimal consumption of z?
Suppose the logging industry forms a union that requires longer apprenticeships and charges high fees to its members. Discuss the reasons why loggers might place these stipulations on union members. What are the loggers hoping to achieve?
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Write down the profit function of each firm. Suppose there..
(Marketting) When introducing new products, some manufacturers set a high initial price and then reduce price later. However, reducing price also reduces contribution margins, which in turn impacts profitability. To be profitable, the reduced price m..
Banks manage their assets in a variety of ways. Explain the importance of “liquidity management”? What is the concern of the bank in regard to the liquidity of its assets? What can banks do to management liquidity risk?
When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. In the field of education, in obvious quantita..
xplain at least one possible economical detriment of (problem with) the current law. You may add any other detriments, but you must provide at least an economic one). Note: Retailers being able to pass on wholesale price increases is not considered d..
Assume an increase in England’s economic growth. Holding everything else constant, we can expect:
Humphrey and Lauren are splitting 10 gallons of soda and six pounds of popcorn. Let’s represent Humphrey’s preference with the utility function UH = 3SH + PH and Lauren’s preferences with UL = 2SL + 4PL, where SH and SL indicate their soda consumptio..
Suppose you are the manager of a golf club with monopoly power. a typical consumer's inverse demand function for your firm's product is Q=100-20Q, and your cost function is C(Q)=20Q. If you apply a two-part pricing strategy, how much would be the mem..
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