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Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all combinations of the two goods in his indifference map. Suppose the price of apples is $2 per pound, the price of oranges is $3 per pound, and Bob's budget is $30 per week. What is Bob's utility maximizing choice between these two goods?
Vietnam employs 40 million tons of rice a year. World price os rice is $500 per ton. Vietnam employs 10 million people in rice production with each working an average of 1000 hours a year. Which economy, California or Vietnam, has an absolute advanta..
Which of the subsequent is directly included in the calculation of the GDP?
If the proposed textbook receives a favorable review, explain how should the editor revise the probabilities of the various outcomes to take this information into account.
Suppose individuals are willing to pay $500 for an airbag that reduces the probability of being killed in a car accident by 0.0001. Calculate the value of a statistical life using the willingness to pay approach. Suppose Joe plans to work for another..
Describe the many ways the government affects economic activity. Explain the positive aspects of this government involvement. Now, explain the negative aspects of government involvement. Finally, describe to what extent you believe the government sho..
People are lured by the idea of 50 mile per gallon vehicles which still perform well also are willing to pay the high prices to get one.
Illustrate what would occur to the level of domestic investment.
Calculate price elasticity at point S using the method E=ΔQΔP×PQ. Calculate price elasticity at point S using the method E=PP−A. Compare the elasticities in parts a and b. Are they equal? Should they be equal?
Assume a bank purchases a newly issued mortgage backed security (MBS) for $1,000. After the year, the value of the MBS has decreased to $750:
Which of the following is viewed as a fundamental building block of the U.S. economic way of thinking?
Assume that the nation of spain is ''small'' and unable to influence the brazilian world price of steel.Spain's supply and demand schedules are illustrated in table 6.11 .Assuma that Brazil's price is $400 per tons of steel.Using graph paper,plot the..
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
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