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Question: Pam has chosen her best affordable combination of cookies and granola bars. She spends all of her weekly income on 30 cookies at $1 each and 5 granola bars at $2 each. Next week, people expect the price of a cookie to fall to 50¢ and the price of a granola bar to rise to $5.
1. a. Will Pam be able to buy and want to buy 30 cookies and 5 granola bars next week?
b. Which situation does Pam prefer: cookies at $1 and granola bars at $2 or cookies at 50¢ and granola bars at $5?
A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts
Explain why increasing government purchases of goods and services is expansionary fiscal policy. Would increasing taxes or reducing transfer payments.
What are the contributions of these transactions to GDP in the years 2013 and 2014?
Wonder bread is a normal good produced by the Wonder Bakery. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of Wonder bread in each of the following situations?
Go to Table 1 the Last Word and compute the ratio of average wealth to median wealth for each of the 6 years. What trend do you find? What is your explanation for the trend?
You are the economics editor of the local newspaper. You have just received the following news items.
Express his MRS of good Y for good X. As the amount of X relative to the amount of Y along the same IC, does the absolute value of the MRS increase or decrease?
In a short run condition in which quantity demanded equals quantity supplied in a competitive industry, with value greater than the average cost of the typical company,
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
how the firm should adjust its mix of capital and labor
During the Great Depression there was widespread involuntary unemployment in Canada. Draw a production possibilities curve for fig leaves and apples.
Please use one model in your paper with graphs, tables, and/or charts where fitting. Include an explanation concerning whether the model used is the appropriate
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