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A consumer has a budget of $200 to spend on bowling (b) and tutoring sessions (t). Assume that each game of bowling costs $16 and each tutoring session costs $20.
The consumer derives utility from tutoring sessions and bowling according to the utility function U(b, t). The consumers marginal utility from each game of bowling is MUb=t and the marginal utility of each tutoring session is MUt=b+1. What is the consumers marginal rate of substitution?
Illustrate what is the relative labor supply in the economy. Derive it and draw it in the same picture as in part (a). Calculate the equilibrium relative price of labor.
Consider the market for minivans is at equilibrium. Determine, using the supply and demand model, how the following events might affect the equilibrium price and quantity for minivans. Explain why fully. Consider each separately.
Illustrate what were some of the marginal benefits that the city would derive as the result of keeping this project alive.
Three people are voting for President. The first person prefers Donald Trump to Jeb Bush to Hilary Clinton. The second person prefers Hilary Clinton to Donald Trump to Jeb Bush. The third person prefers Jeb Bush to Hilary Clinton to Donald Trump. Wri..
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
Illustrate what effect might economic and socioeconomic forces within that nation have on product's potential.
Explain this result in terms of the example in the question above. How might things change if the border were open, with no restrictions on immigration?
What are some econometrics texts that you would recommend for me? I learned some intro econometrics in a course which taught from Studenmund but was extremely bored.
How do prices, output, and profits differ between monopolies and monopolistically competitive firms.
Assume that Wal-mart is the only employer of retail workers in a small town in Indiana. As a local non-discriminating monopsonist, Wal-mart faces a labor supply curve given by: E = 10W –100, where E is the number of workers hired each hour and w is t..
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
Compare and contrast direct finance and indirect finance which is more likely to have a larger share of the total financial market in a mature economy and the young economy why.
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