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1: The price of bread is $6 per kilogram and Aaron's income is $180. He buys 15 kilograms of bread, 10 kilograms of butter, and nothing else. What is the price of butter? Draw Aaron's budget constraint and identify his chosen consumption bundle. (LO1, 2)
2: Olivia has received a $15 gift certificate that is redeemable only for roasted peanuts. Bags of roasted peanuts come in two sizes, regular and jumbo. A regular bag contains 30 peanuts and a jumbo bag contains 50. If a regular bag costs 50 cents and a jumbo bag costs 75 cents, how many of each will Olivia purchase? What if the jumbo bag costs $1? In each case, draw a budget line that shows her available choices, and indicate her best choice by adding indifference curves. Assume that Olivia cares only about the number of peanuts, and not about the size of the bag. (LO2)
3: Given income of $400 and concert and movie ticket prices of $25 and $10 respectively, Elena is considering whether to attend 10 concerts and 15 movies. If Elena's MRSCFis equal to F/C would she maximize utility with this choice? If not, how many movies and concerts should she attend? (LO3)
Compute the price of the stock. A stock has a P/Sales ratio of 3. Sales per share is $16. Find the price of the stock.
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve
1. the summer beach house rental season is june through early september what will happen to the price and quantity of
Current machines have a 5 year life and were purchased 3 years ago at $1500000 - Invest $1 Million in upgrade costs to extend the life of the machines for another 5 years - Savings in labor resulting from upgrade, $300000 per year in 1st year doll..
Prepare article that relates to economics - simply summarize the key elements of the article.
Use the Mundell-Fleming model to predict what would happen to aggregate income, the exchange rate, interest rate and the trade balance of a small open economy under both floating and fixed exchange rate regimes in response
The component sells for $20 each. Calibrated's current capacity is 10,000 units per week. For the last few months, however, the company has been receiving new orders at a rate of 14,000 units per week, and now has a substantial backlog. The com..
a) Explain the effect to the economy if there is a decrease in investment spending. Draw diagram. b) Explain how countercyclical fiscal policy will adjust the economy back to full employment. Draw diagram.
Starting from equilibrium national income of $250 billion, suppose government purchases decreased by $25 billion. Describe the effects on the AE curve and on equilibrium national income.
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
Using the exchange rates and prices in the tables above:
In spite of the fact that firms do not make payments on resources they own, these resources still have an opportunity cost. How is this possible, and
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