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Marvelous Marvin spends his money on muffins (m) and a composite good (c) (whose price you may assume is $1 throughout this problem). Marvin's utility is U = m + c and his income (I) is 20.
1. Suppose the price of muffins (pm) is 2. Draw Marvin's budget constraint and the highest indifference curve he can reach.
2. What is Marvin's optimal bundle?
3. Suppose that Marvin has the option of joining a muffin club for a membership fee of $10. Club members can purchase muffins for $0.40 each. Draw Marvin's budget constraint if he joins the club. Draw the highest indifference curve he can reach.
4. What is Marvin's optimal bundle (when he is a member of the club)?
5. Will Marvin choose to join the club? Why?
What is paramagnetic?
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
Entrepreneur: The entrepreneur or enterprise is a special factor of production that is in charge of the organization of the other three factors of production (land, labour and
WHAT IA GMP
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solution for -calculate price elasticity of demand for demand function Q= 10 - 2p for decrease in price from Rs. 3 to Rs.2
With the recession, average incomes have fallen from $44,375 to $41,720. Before the recession Groucho's Gizmos sold 600 gizmos a month. As an economics, predict the number of gizm
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The Long-Run Behavior of Natural Resource Prices Observations – Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in
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