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Suppose there are two goods, labeled x, y. A consumer has a budget of w = 220. Suppose the following two consumption bundles: (x = 4, y = 10), (x = 6, y = 4) all cost the consumer 220. (a) What’s the price ratio between the two goods? Namely what’s py ? Show how you obtain this result. px (b) What’s the price level for good x? What’s the price level for good y? (c) Write out the algebraic expression for this consumer’s budget line.
q. a. will a progressive medical tax scheme i.e. people with higher income face a higher medicare tax rate benefit the
Schmeckt Gut plans to introduce the Schmeckt Besser energy bar on the market. 1-In your own words, what is the importance of the topic ‘Elasticities’ for this undertaking? Explain this to the Board of Schmeckt Gut. 2- What do you suggest the Board in..
What is the employment rate? B. Suppose the government sets a minimum hourly wage of $8. How many workers would lose their jobs?
As we observed in this chapter, central banks, rather than purposefully setting the level of the money supply, usually set a target level for a short-term interest rate by standing ready to lend or borrow whatever money people wish to hold at that in..
Now assume that once he earns $400 he loses all his food stamp assistance. How does this change his budget constraint.
In a zero-sum game
Which of the following is NOT involved in regulating financial markets?
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant. A decrease in the price of cereal (Movement Along or Shift?)
Suppose that a 10% decrease in the price of a product has resulted in a 30% increase in the quantity demanded for a product. Is demand elastic or inelastic in this price range? Explain and demonstrate using the elasticity formula.
This graph plots the supply curve for the sellers (orange squares). You need to add the demand curve. Plot the buyer values by dragging points onto the graph (blue circles). Tool tip: For information on using the graph tool, click the Help button.
Assume that the price of x is $2 and the price of y is $1 and Brian has an income of $10. How much does he consume of each good? Assume Brian's income increases to 20$, calculate his demand for each good and explain whether Brian considers x and y to..
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your product is better than the competition, the government purchasing agent views the products as identical and purchases fro..
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