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Johnny Rotten consumes two commodities, namely garbage and vinyl records. He keeps the garbage in the backyard where it is eaten by goats and vermin. The reason he accepts the garbage is that people pay him $2 per sack for taking it. Johnny can accept as much garbage as he wishes at that price. He has no other source of income. Each record costs him $6
(a) If Johnny accepts zero sacks of garbage, how many records can he buy?
(b) If he accepts 15 sacks of garbage, how many records can he buy?
(c) Write down an equation for his budget line?
(d) Draw Johnny’s budge line and shade in his budget set.
calves and burying them in mass graves rather than transporting them to markets. Elucidate what economic factors may influence such behavior.
The following demand function has been estimated for Fantasy Pinball machines: Qd = 3500- 40P + 17.5Px + 670U + 0.0090A + 6500N. Where P = monthly rental price of fantasy pinball machines, Px = Monthly rental price of old Chicago pinball machines. Th..
Describe some healthcare situations in which an agent has taken advantage of the principal. Then describe some healthcare transactions that have not taken place because of fears about asymmetric information. Identify some ways that nursing homes can ..
Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.
q. a major statistics canada household survey the survey of labour and income dynamics or slid the latest of which is
Which of the following is a conclusion of using the generational accounting measure?
What must happen to induce foreign residents to buy the bonds? If foreign residents desire to purchase the bonds, what is the most important source of dollars to buy them?
Not long ago an employee came into my office asking for a wage increase. I responded by asking what increase in productivity the employee brought to the University in order to merit such an increase.
A monopoly or oligopoly showing no economic profit or loss has
Calculate the percentage growth rate in real GNP per capita in each of the years 1996 through 2002 from the previous year, using the definition of growth rate.
Suppose that real GDP grew more in Country A than in Country B last year. Which of the following does this imply concerning productivity or standard of living?
q.assume that we have a expenditure function of the form c 220 0.9timesyp where yp is permanent disposable income.
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