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Suppose everyone in a neighborhood consumes hotdogs, h and pop, c. The regular prices of one hotdog and one can of pop are p1 = $3 and p2 = $2 respectively. Everyone has m = $60 to spend. The local fast food outlet sometimes o ers the following two promotions. Either (1) you can receive a free can of pop with each hotdog you buy (you can buy more cans if you want at the regular price) or (2) you can enjoy a one-third reduction, from $3 to $2, in the price of hotdogs. (a) Plot the budget set when there is no promotion. Write down the equation of the budget line. (b) On the same graph, plot the consumers' budget sets corresponding to promotions (1) and (2). (c) Draw example indi erence curves to show a person with what preferences would choose promotion (1) over (2). What person would choose promotion (2) over (1) instead? Would anyone prefer to use neither of the two promotions if they are both o ered?
Elucidate what are some of the models that predict the effects that reducing protection of imports will have on factor price. Briefly explain the effects shown by these models.
Elucidate the difference between GDP and GNP. What adjustments needs to be made to GDP to arrive at GNP.
Given that this is a training manual to sensitize employees, how will this affect any practices at the company.
Airframes are produced according to the production function: \(Q = (L^{1/2} + K^{1/2})^{2}\) Suppose the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital to produ..
National income is initially at its equilibrium level when desired investment falls and a fall in national income, but not by as much as the fall in desired investment
Suppose that the equilibrium quantity in the market for widgets has been 200 per month. Then a tax of $5 per widget is imposed on widgets.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
What is the national unemployment rate right now and what is theunemployment rate for the demographic group that best fits adescription of you (age, sex, race) Is it higher or lower than thenational average and why?
assume the country is in a budget deficit and carrying a very large debt. discuss the dangers of a high debt to gdp
To the right is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approa..
Explain the principles of microeconomics apply to other country. Describe any differences or special situations.
Elcidate how slower inventory turnovers, slower receivables collections, or faster payments to suppliers would influence the numbers produced by a cash budget.
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