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Danny is an investment banker and has income I = 300. When prices are px = 10 and
py = 20, Danny consumes the bundle (x; y) = (6; 12).
1. Illustrate Danny's budget constraint and optimal bundle.
2. Suppose that prices change to px = 20 and py = 10. Draw Danny's new budget constraint on the same set of axes as his original budget constraint.
3. Danny is a smart guy and always makes utility maximizing choices. According to revealed preference, which bundles on his new budget constraint will he definitely not consume?
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The entire market is capture by a single firm which can produce at a constant average and marginal cost of AC = MC = 10. The firm faces a market demand curve given by Q = 60 ? P.
determination of interest rate in classical model
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Consider the following model of an economy that begins in a macro equilibrium,
What is the difference between heckscher_olin theory and comparative theory
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