Reference no: EM13876689
1. Assume a household allocates its $4,500 monthly income to food, housing, transportation, health care, and all other items. According to Table 1.2 in the text, allocation of a typical household's budget to housing is almost equal to the sum of its allocations to food, transportation, and health care. Allocation to all other items is twice as allocation to transportation plus $500. Allocation to transportation is equal to sum of allocations to food and health care. Finally, allocation to all other items is also equal to one half of allocation to food, plus the allocations to transportation and health care. If the unit price of food, housing, transportation, health care, and other items are $20, $50, $30, $15 and $35 respectively, determine the household optimal bundle.
2. In problem #27, assume that household's income decreases by 5 %. What is the household's new optimal bundle?
3. In problem #27, assume that due to inflation prices increase by 5 %. What is the new optimal bundle?
4. Does comparing the results of problems #28 and #29 lead you to believe that inflation is similar to the loss of income?
|
Problem regarding the inextensible cord
: The L-shaped member ACB is supported by a pin and brackets at C and by an inextensible cord attached at A and B and passing over a frictionless pulley at D. Determine
|
|
What are five common internal control principles
: What are five common internal control principles?
|
|
Compute total overhead spending and efficiency variance
: Use the data given in Exercises I and II to compute the total overhead spending variance, the efficiency variance, and the production-volume variance.
|
|
What is the investor network on climate risk
: What is the Global Reporting Initiative (GRI)? How many companies have signed on and what is the Investor Network on Climate Risk (INCR)?
|
|
What is the new optimal bundle
: Does comparing the results of problems #28 and #29 lead you to believe that inflation is similar to the loss of income?
|
|
What is the primary research question
: Ahi Corporation is one of your clients in Hawaii. The company had a good year last year and owes the IRS $100 million, due on March 15. There are no penalties or interest due to the IRS.
|
|
Describe the terms virgin earth prize
: Describe the terms of the $25 million dollar Virgin Earth Prize offered by Gore and Branson - Daniel Kammen, founder of the Energy and Resources Group in the Goldman School of Public Policy at the University of California, Berkeley, describes thr..
|
|
What is the amount of cash and cash equivalents on ngs
: Prepare journal entries for items (a)and(f) from the bank reconciliation, if applicable. If a journal entry is not required for one or more of the reconciling items, indicate no journal entry required. If NGS also has $ 120 of petty cash and $ 1,000 ..
|
|
Magnitude of the horizontal force
: The horizontal rod OA rotates about a vertical shaft according to the relation ? = 10t, where ? and t are expressed in rad/s and seconds, respectively. A 0.5-lb collar B is held by a cord with a breaking strength of 4 lb. Neglecting friction, dete..
|