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Leena spent $100 per month on pens (X) and CDs (Y) at the Enron company store. Pens cost $2, and CDs cost $5. In July 2015, Leena purchased 15 pens and 14 CDs. Her utilometer readings at the end of the month showed that the marginal utility of the last pen was 10 utils and the marginal utility of the last CD was 25 utils.
a. Write the equation for Leena’s pen/CD budget constraint.
b. True or False: Leena was at the tangency point between her budget constraint and an indifference curve.
c. Explain your previous answer (in several sentences and/or equations)
Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the production function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Suppose wage rate is w= $5 and rental rate is r= $5. What is the cost-minimizing combination of L..
In a perfectly competitive market, demand for hairbrushes goes down. How does the market and a typical firm respond in the short and long run? Explain and draw the market and then the typical firm (two drawings, one for market, one for firm)
A machine costs $20,000 and has a 5 year useful life. At the end of the 5 years, it can be sold for $4,000. If annual interest is 8%, compounded semi annually, what is the equivalent uniform annual cost of the machine?
Compare Perfect competition, monopoly and monopolistic competition. How are these three types of markets similar? How are they different?
Assume the government has removed all barriers to entry in an industry where the existing firms are making an economic profit? explain with the use of demand and supply diagram, the impact of the government measures on the profit of firms in the indu..
Indicate whether the following shocks are real shocks or aggregate demand shocks.
When a court interprets the meaning of a statute, what is the responsibility of the court? to determine and carry out the intent of the legislature that enacted the statute, to determine the best social policy for addressing the problem raised by th..
In the short run, information about a perfectly competitive firm’s fixed costs is needed to determine both the profit-maximizing level of output and the amount of profit earned when producing that level of output.
The Red Cross and WIC (Women, Infants, and Children program) both provide emergency food packages and first-aid kits to New York City home-less shelters. Table 2P-1 shows their weekly production possibilities in providing emergency goods to NYC homel..
Suppose the Canadian economy, on a fixed exchange rate, has a real growth rate of 2% and is in equilibrium with an inflation rate of 10% and a risk premium of 1%. Suppose changes in the U.S. cause its real rate of interest to increase from 3% to 4% a..
Elucidate why is productivity related to the standard of living. In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labor productivity.
A portfolio consists of two assets A and B. Their respective mean returns are E(RA) = 15% and E(RB) = 10%. Their variances are σ 2 A = 81 and σ 2 B = 49. Sixty per cent of the portfolio consist of asset A. (a) Assuming Cov(RA, RB) = −50, calculate th..
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