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You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes.
(A) Illustrate this situation on a graph.
(B) How does your consumption of the two goods change? How does your response depend on income and substitution effects?
(C) Can you afford the bundle of soda and pizza you consumed before the price changes?
how much interest is payable each year on a loan of $2000 if the interest rate is 10% per year when half of the loan principal will be repaid as a lump sum at the ed of four years and the other half will be repaid in one lump-sum amount at the end..
Give an example of a decision that is rational ex-ante but irrational ex-post. Under what conditions will this ratonality be different and under what conditions will the rationality (ex-ante and ex-post) be the same?
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
You've recently learned that the company where you work is being sold for $380,000. The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends.
Which of these same four curves would shift as a result of the per-burger tax? Why? Show this in a new graph. Label the graph as precisely as possible.
Explain which of the following transactions would be directly counted in 2013 's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
Build the time series for the Index of Openness (Export of Goods/GDP) using a spreadsheet and build the time series of Imports of Goods/GDP.
What do economists mean when they refer to "economies of scale" Why do economies of scale exist in the context of hospital services Does this mean a hospital market comprised of a few large hospitals is preferable to a hospital market comprised of..
1. a perfectly competitive market arises whena the market demand is small relative to the output of a firmb there are
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental econom- ic question are they addressing by making this range of products
The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well-known for his view that inflation is not a major problem for an economy.
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