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Alice runs a cupcake business. She uses lots of caster sugar in her baking (a very fine sugar). Alice also owns a thermomix, thus regular white sugar is a perfect substitute for caster sugar. However, regular sugar comes in 2kg bags, while caster sugar comes in 1kg bags.
(a) Write the utility function for Alice for sugar (S) and caster sugar (C).
(b) If the price of a bag of sugar is $4 and caster sugar is $2.50 and Alice has $100 budget to spend on sugar, how much of each type of sugar will Alice purchase. Explain and graph.
(c) If the price of caster sugar falls to $1.75 per bag does this change your answer to (b) above. Explain.
what should it do to increase profit? If the firm is profit maximizing, is the firm in a long-run equilibrium? If not, what will happen to restore long-run equilibrium?
If a country desires to have stable prices (or low inflation), why not simply pass a law that prohibits firms from changing prices? Elucidate pros and cons associated with this case.
Suppose the average household in a state consumes 800 gallons of gasoline per year. A .20 tax is introduced coupled with a $160 annual tax rebate per household. Will the household be better or worse off?
To enrich an experience, we can pay attention to what ways an experience is new to you, such as previously overlooked nuances in gratitude. According to Hansen, being able to access a positive mental state is NOT essential for well being and coping.
What are some of the situations that can give rise to monopolies? Research the industrial revolution and the Robber Barons (such as Carnegie and Rockefeller), of that era and comment on how they were able to create their monopolies. How are we able t..
Illustrate what occurred to employment during the rest of 2008. Illustrate what are some of the alternatives to a tax cut that might have been utilized.
[Adverse Selection] A buyer wants to purchase a house from a seller. Let v be the quality of this house. The quality v is known to the seller but unobservable to the buyer. The buyer thinks that the possible values of v are $10k,$100k,$150k,$200k and..
A perfectly A Perfectly competitive firm has a MPL = 20-L. If P = $5 and w = $10/hr. What is the optimal quantity of labor demanded?
What geographic area would the market area typically considered be? How would quantity demanded and the price of this product be measured?
The company's engineer estimated that the production of the new product has a 88% learning curve applied to labor required, and the time to complete the first unit was 54 labor hours. Assume the time required to complete the 10th unit and the competi..
q.rafidah was earning 100000 a year working as a scientist for a drug company. she decided to start her own business
A goal of expansionary monetary policy is to: Lower interest rates are generally charged on more risky investments and on securities that have longer maturities. The barter system requires the double coincidence of wants to be fulfilled.
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