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You arrive on campus at the beginning of the academic year with $450 to spend on textbooks and food. The price of a textbook is uniformly $90 and the price of a meal is always $15. Your parents made a deal with you: if you spend $270 of your own money on textbooks, your parents will split the cost of any additional textbooks with you.
a. Draw your budget constraint. Label the y- and x- intercepts. (Put food on x-axis.)
b. At what point does your budget constraint "kink"? What is the slope of the budget constraint to the left and right of the kink point?
c. Draw an indifference map showing that with your parents' subsidy, you buys 5 books and 6 meals, but that without the subsidy, you would have purchased 4 textbooks and 6 meals.
Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15. If..
In 1970, Lyle bought a hand calculator for $200. The calculator was more accurate in its four functions of addition, subtraction, multiplication, and division than was Lyle’s $35 slide rule. In 1990, Lyle could not buy a calculator, which could only ..
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The theory of public choice suggests that
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A business employing 8 workers to produce commemorative t-shirts for campus events organizations.
Assume that the MPC=0.6 for every consumer in the economy. You have just received a tax cut of $20000. How this action by the government will affect your spending plans? What would be the total effect on the economy of this action? (Assume that t=0, ..
Suppose the price level and value of the U.S. dollar in year one are 1 and $1, respectively. If the price level rises to 1.20 in year two, what is the new value of the dollar?
By defining its business as printing books instead of empowering imaginations, a children's book publishing company would more than likely experience.
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