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Over the past decade medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity of other goods. Furthermore, let income (M) be measured in hundreds of dollars, the price of medical services and other goods in terms of dollars per minute, with, and.
i. Graph the budget line, and determine the market rate of substitution.
ii. Illustrate the budget set.
iii. Show in your graph what happens to the budget constraint if increases to $15.
iv. What is the meaning of the slope of the two budget constraints?
The Soup Nut serves his signature minestrone soup in two different bowl sizes, large and small. What strategy should he use to extract the most surplus possible out of customers who come in two types, regular and big eaters, when he cannot distinguis..
Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. Illustrate what is the price elasticity of demand for movie tickets. Could price elasticity be somewhat overestimated from these figures.
q1. explain a voting pattern using the actual votes taken by at least 15 legislators in the u.s. congress a state
In turkey, many shopping mall owners charge different rental rates on their tenants. The shops of local and relatively unknown brands pay higher rental rates per square meter than the international and famous brand shops. Local shop owners protest th..
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
When the government imposes an excise tax on foreign imports:
Consider the competitive (private) market for widgets described by the following marginal benefit (MB) and private marginal cost (PMC) curves: MB = 100? 0.1Qd PMC = 4 + 0.06Qs, where Qs and Qd vary from 0 to 1000. Calculate both the consumer and prod..
Use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable costs be? At what level of output wo..
What is the optimal capital/labor ratio? If the firm can spend a total $320 in K and L, what is the optimal amount of K and the optimal amount of L?
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. As per to these numbers the hospital cost about how much in 2000 dollars. Explain the price of a good is above equilibrium.
The greater the elasticity of the LM curve, the greater will be the effectiveness of fiscal policy. The more interest elastic the investment demand function, the more effective monetary policy will be. The more interest elastic the investment demand ..
If you deposit RM3,000 with each bank, illustrate what will be the difference in the two bank account balances after two years.
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