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A consumer has a budget of $200 to spend on bowling (b) and tutoring sessions (t). Assume that each game of bowling costs $16 and each tutoring session costs $20. Draw the consumer’s budget line on the graph below. Put bowling on the “x” axis. What is the slope of the budget line?
Suppose a government moves to reduce a budget deficit. Using the model developed in class: a) Graphically illustrate the impact of reducing the government’s budget deficit by increasing (lumpsum) taxes on household income. Be sure to label:
Illustrate what feature of a PPF illustrates increasing opportunity cost also elucidate why does your PPF not have this feature.
Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to ful..
What are the 4 types of unemployment? Please explain the current situation of employment in the United States; how does it differ for the long-term unemployed (over 6 months)
The price of good A is Eur 20,the quantity demanded is 500 units at yhis price,and price elasticity of demand is Ep=1,8,then a reduction in price of the good by eur 5 would increase the total revenue of seller by
How is the US Economy like a small, open economy? How is it like a closed economy? What is the relation of the domestic interest rate to interest rates in the rest of the world?
q1. assume that the autarky charge of commodity x is 10 in nation a 8 in nation b as well as 6 in nation c as well as
Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2.25 per gallon and the equilib..
Why a favorable shock to the production function tends to reduce the price level, P. How could the monetary authority prevent this fall in P.
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
Home produced 450 bushels of pears also 1050 cellular phones. This year it produced 450 bushels of pears also 2000 cellular phone.
explain why airlines might be more likely to match price cuts than price increases. (b) Which theory of oligopolistic behavior does the above situation most resemble?
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