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Consider commodity space where x1 is food and x2 is everything else. Allow food to have the price p1, and allow everything else to have the price of dollars, so p2 = $1. Denote income as m.
(a) Write out your budget set using mathematical set notation. (you do not need to label the currency.)
(b) Now let us assume you need a minimal amount of food, x1 to stay alive. Rewrite this budget set using mathematical set notation with this additional (and reasonable) assumption.
(c) Graph this new budget set. Be sure to label both the horizontal and vertical axes and any vertical and horizontal intercepts (this time it will be in variables not actual numbers). Lightly shade in the area that represents the budget set.
(d) Is this new budget set convex? [HINT: if you draw a line between any two points in the set (including on the boundary) does the line stay inside the set (inside here meaning it can be on the boundary but does not go outside the set).]
Illustrate what is the marginal cost of the first worker. Based on your knowledge of marginal analysis, how many workers should you hire.
Illustrate what is the total opportunity cost of the day that Farmer Tony incurred for his spring day in the field planting wheat.
State C is a WTO member state and a party to NAFTA. It has made no specific agreements under either GATS or NAFTA as to its road transport sector. Now, two freight companies, one from State D (a WTO member state) and one from State E (a party to both..
compare 2 policies to curb pollutionqs10p amp qd100-10ppollution costs 2.50galloncalculate price quantity and social
Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for $400,000. It is expected to last 8 years and have a salvage value of $30,000.
Sam is an 80 year old wealthy business man who will probably live another 10 years. He has vast wealth including a 10 million home in Florida and $5mm worth of Apple common stock. He has a loving family including 3 children and 5 grandchildren and he..
Assume that the demand for gasoline is inelastic and supply is relatively elastic. The government imposes a sales tax on gasoline. The tax revenue is used to fund research into clean fuel alternatives to gasoline, which will improve the air we all br..
Illustrate what does this mean for the survival of small firms in the industry.
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land ..
Which of the following concerns is likely to be most important to portfolio investors seeking diversification? a) Total volatility of individual securities b) Standard deviation of individual securities c) Correlation of returns between securites d) ..
Determine point price elasticity of demand at P= $3.00. Illustrate what would be new point price elasticity if price were raised to P= $4.50.
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