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Jean-Pierre consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 28 bananas per week, he thinks that one banana is a perfect substitute for one apple. But you would have to pay him one apple for each banana beyond 28 that he consumes. The indifference curve that passes through the consumption bundle with 31 apples and 40 bananas also pass through the bundle with X apples and 23 bananas, where X equals?
The attendance at baseball games at a certain stadium is normally distributed, with a mean of 44,000 and a standard deviation of 2500. For any given game: a) What is the probability that attendance is greater than 46,000 b) What is the probability ..
The marginal cost of the wholesaler is $2. It takes one unit of the input to produce one unit of the retailer's output and in addition to the price of the input the retailer has an additional marginal cost of $2. The retailer's demand curve is giv..
a. What is the marginal product of the sixth worker b. If, when the price of asparagus increases to $3 a box, the farm hires eight workers, what is the marginal product of the eighth worker
Suppose that after the fee was imposed, the time of the average trip in central London fell from 40 minutes to 30 minutes. (Note: The travel time will not change by as much as the average speed because the average speed.
Suppose there are 100 indentical firms in the perfectly competitive notecard industry. Each firm has a short run total cost curve of the form STC= 1/300 q3 +?0.2q?^2+4q+10 and marginal cost is given by SMC = .01q^2 + .4q + 4
Externalities-analysis and policy design: Suppose that in a competitive market, demand is given by the equation P = 600 - Q, and supply is given by the equation P = 160 + Q, where P is price and Q is quantity of some good or service.
A "mathematically fair bet" is one in which the amount won will on average equal the amount bet, for example, when a gambler bets, say, "$100 for a 10 percent chance to win $1000 ($100 = .10 x $1000). Assuming diminishing marginal utility of dolla..
Your accountants tell you that it costs $400 to set up an immunization program at a preschool and immunize one child against polio. It will cost $460 to immunize 20 more children.What is the cost per child for these additional 20 children
The aggregate demand for cookies is perfectly inelastic. Quantity demanded is 10 cookies regardless of price. The aggregate supply of cookies is perfectly elastic. Quantity supplied is 0 if the price is below $5 and infinite at $5.
The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-back..
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit and an output of 2 million units. The price that consumers are willing and able to pay for this outputis $40 per unit. If it priduces this output, the firms a..
An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table Using Excel statistical tools, ca..
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