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Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob’s preferences are represented by the following utility function
u(x,s) = 2 ln x + s
1. What is Bob's time "budget constraint"?
2. What is Bob's marginal utility of exercise?
3. What is Bob's marginal utility of study?
How is it that higher tax rate can increase tax revenue in some cases, but a higher tax rate can decrease tax revenue in other cases? Relate this to the price elasticity of demand. (Excise Taxes)
Look at the inflation adjusted data also identify the periods of negative real economic growth. Illustrate what might have caused every of these periods of economic decline.
What are the components of aggregate expenditure? In the model developed in this chapter, which components vary with changes in the level of real GDP? What determines the slope of the aggregate expenditure line?
John buys shoes for $1 a pair and socks for $1 a pair. His annual income is $20. Now suppose the government institutes two new programs: first, it taxes shoes, so that shoes now cost John $2 a pair. Second, it gives John an annual cash gift of $10. ..
On Friday night, Elton and his partner Rodney are deciding where to go for dinner. The choices are Indian, Korean, and Mexican. Elton most likes Indian food and most dislikes Mexican food, whereas Mexican is Rodney’s favorite and Indian is his least ..
This will be a real challenge, but it should be an interesting challenge. Much of the way we measure risk relies on probability distribution (the bell curve as shown on page 425). For many things in life, and business, this is perfectly valid, but fo..
Suppose that GDP is $18,520, taxes are $1,927, consumption is $4,856, transfers are $95, and government spending is $2,562. What are private savings?
The transmission mechanism of monetary policy indicates that a rise in interest rates is expected to:
What is the average time period for the introduction of a new drug into market? Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)? Which one of the following basic findings about for-profits is no..
Although strategic investment can confer an advantage on the first mover, such investment also locks in the firm. Discuss how the value of flexibility would affect our analysis of strategic advantage.
In order to attract more customers on Mondays ( a slow day), Alex's pizza shop decided to reduce the price of their pizza rolls from $3.50 to $2.50. As a result, Monday sales increased from 70 to 130. Also, Alex's sales of soft drinks rose from 40 to..
A case study in the chapter describes a phone conversation between the presidents of American Airlines and Braniff Airways. Let’s analyze the game between the two companies. Suppose that each company can charge either a high price for tickets or a lo..
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