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Assume that you have a budget of $30 to spend on milk and cereal only. The price of milk is PM = $5 and the price of cereal is PC = $3.50.
a) What is the most you can purchase of cereal?
b) If you purchase 3 units of milk (QM = 3), then how many units of cereal can you purchase at most?
c) What is the slope of the budget constraint?
Your firm wants to sell its product in each of several foreign countries, and you must decide whether to do so by exporting or by producing locally for that market through FDI. If you export to a given country located at a distance d, what would the ..
Show an example of how to (1) derive compensating variation using indifference curves/budget constraints and (2) derive CV using expenditure function. Also, (3) compute expenditure function from cobb-douglas utility function and quasi linear utility ..
According to classical macroeconomic theory, changes in the money supply affect. When the Fed buys government bonds, The “yardstick” people use to post prices and record debts is called. According to the classical dichotomy, which of the following is..
You are the project executive of a monopolistically competitive firm. The present demand curve is . Your total cost equation is , and MC = 17Q a. What level of output should you set to maximize profits? b. What price would you charge? c. What will ha..
Economic Projections you have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on cur..
Assume that a country produces an output Q of 50 every year. The world interest rate is 10%. Consumption C is 50 every year, and I = G = 0. There is an unexpected drop in output in year 0, so output falls to 39 and is then expected to return to 50 in..
Online Cosmetics: Australian cosmetics maker, Eternal Beauty Products, pressures online retailers to either sell goods at prices charged by brick and mortar stores or risk being cutoff. If online retailers are paying the same wholesale prices, why wo..
Clarify why might the Homo sapiens production possibilities curve have shifted outward to right much more rapidly than persons of Neanderthals.
The GI Bill provided educational opportunities to many young men returning from military service. Using a production possibilities curve, demonstrate how the GI Bill affected economic growth and explain your answer. Why is China still poor in per c..
Which of the following recieves government subsidies that are in place to protect the population rather than the economic reason.
Why do the soft technologies open more opportunities for women? To what extent have these technologies impacted the perceptions of men’s and women’s roles in the economy, within marriage, and in society as a whole?
How is it possible for many price elasticities to be associated with a single demand curve? Rank the following in order of increasing (from negative to positive) cross-price elasticity of demand with coffee. Explain your reasoning please: Bleach Tea ..
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