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A consumer has preferences for food and entertainment equal to U(qF, qE) = qF2 qE. Suppose the consumer's budget is $1,000 and the unit price of entertainment is $10 Find the consumer's demand for food. Suppose the price of entertainment increased to $20. Would this price change affect the consumer's demand for food? Justify your answer. Suppose the consumer's budget increased to $1, 500. Would this change in budget affect the consumer's demand for food? Justify your answer. Now suppose the unit price of food is $5 while the unit price of entertainment remains $10. Find the expression of the Engel curve for food and plot the curve in a graph. A consumer is indifferent between tonic water and ginger ale. A bottle of tonic water costs $2. In a diagram, illustrate the consumer's price offer curve. In a separate diagram, illustrate the consumer demand curve.
What is rent seeking behavior? How does it explain why government has grown in recent years and how it explain why it is difficult to change tax or spending policies in the United States?
q.a woman managing a photocopy establishment for 25000.00 per year decides to open her own duplicating place. her
Explain how much change in the number of units sold can the company afford and still be no worse off.
In the case of international trade, the risk of nonpayment is essentially eliminated with the use of a letter of credit issued through a trustworthy bank. Explain the difference between a trustworthy and a non-trustworthy bank. Hint: This question ca..
The behavioral economist Robert Frank speaks of the bounded nature of rationality in his 2008 interview (Challenge 2008) and discusses the axiom of the independence of irrelevant alternatives in rational choice theory.
A price taker being a seller who is unable to set the price of the goods they wish to sell and must accept market value. Because the product that is being sold in a price taker market is unable to be differentiated from other sellers in the same mark..
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Suppose a uniform pricing monopolist’s price equation is P(Q) = 100 – 2Q; the uniform pricing monopolist’s marginal revenue is MR(Q) = 100 – 4Q; the uniform pricing monopolist’s total cost is C(Q) = 2Q2 + 12Q + 50; and the uniform pricing monopolist’..
The algebraic expression of this demand equation is Q = 36 - 2P and the inverse demand equation is P = 18 - 0.5Q. how the algebraic expressions were found.
Use a .01 level of significance to test if there is a difference in the mean production of the three assembly lines. Develop a 99% confidence interval for the difference in the means between Line B and Line C.
In the opening chapters of Capital, Marx begins with the commodity and grapples with a qualitative value question AND a quantitative value question. Alternatively, he distinguishes between use value and exchange value. He also, however, identifies la..
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
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