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Assume a household with a monthly income of $5,000. This household allocates its income to the purchasing of food and nonfood products. If the average price of food products is $20 per unit and nonfood items cost $150 per unit
1. Write the household's budget equation.
2. If this household consumes 100 units of food products, how many units of nonfood items it can buy?
3. Assume that the price of nonfood products increases to $160. Write the new budget equation.
4. If this household wants to purchase food and nonfood items in the same proportion as in part (b), what is the household's new bundle in part (c)?
The company will make the move when its real estate sinking funds has a total value of $1.2 million. If the fund currently has $400,000 and the company adds $50,000 per year, how many years will it take for the account to reach the desired value.
By analogy with household indifference curves, a short run isoprofit curve for a firm can be defined as the set of all combinations of wage rate and labor hired that yield a positive profit, so that for the short-run profit function f = P.f(L,K') ..
Consider a 2 good exchange economy with 2 consumers. Consumer A'spreference is u(x1,x2) = lnx1 + ln x2. B's preference is represented by U(x1,x2) = 2 ln(x1) + ln (x2). Suppose the initial endowments are (5,7) for A and (10,8) for B.
A monopolist has the following short-run total cost function and demand function Total Cost: TC = 32 + 2Q + 1/2Q^2 Marginal Cost: MC = 2 + Q Demand: Q = 52-2P where P is the price per unit of output, and Q is the quantity of output.
Whenever John is singing, the sales revenue from concert tickets is $100,000 higher than if a regular singer is singing. If he doesn't become a singer, he can get a job that pays $50,000 at most. How much will he be paid in equilibrium How much of..
VetPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. Market research has revealed that at the current per dose price.
An investment of $5000 in Biotech common stock proved to be very profitable. At the end of 3 years the stock was sold for $25000. What was the rate of return on the investment
Suppose that congress passed a law requiring employers to provide employees full benefit of health care. What will happen to the labor market? Are you in favor of this law?
Calculate the short run supply curve for a representative firm as a function of price
Suppose that average earnings by age group for bachelor's and Master's degree holders were as follows: Age group bachelor's Master's 23-24 $35,000 -- 25-29 40,000 $48,000 30-34 44,000 56,000 Suppose further that tuition and fees for the Master's p..
A current asset (defender) is being evaluated for potential replacement. It was purchased four years ago at a cost of $62,000. It has been depreciated as a MACRS (GDS) five-year property- class asset. The present MV of the defender is $12,000.
What is the overall significance of the regression?
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