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George caught 300 fish and 10 wild boars. John grew 300 bunches of bananas. The 2 person economy that George & John set up, fish sell for 1 clamshell each, boars sell for 10 clamshell each
Suppose the marginal utility of good a is 4 times that of good b but the price of good a is 2 times that of good b, is this point consumer equilibrium?.
JG Asset Services is recommending that you invest $1,500 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures?
Answer the following questions thoroughly utilizing key terms and concepts covered in the previous units.
Why have the prices of pocket calculators of DVD players fallen? What do you think has happened to the costs and economic profits of the firms that make these products?
Consumers stand to benefit from more accurate and informative advertising. Accept, for the sake of argument, that the advertisements do create a false impression. Pharmaceutical companies, publishers,
The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate
Suppose you have a limited money income and you are purchasing products A and B whose prices happen to be the same. To maximize your utility you should purchase A and B in shuch amounts that?
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free.
The new Millennium Dome Company (NMDC) must choose the entry fee for a new sports arena. Suppose an expensive consultancy firm has estimated the demand schedule to be as follows:
What is the slope of the line described by this equation: P = 3Q + 1/2? P is plotted on the vertical axis, and Q is plotted on the horizontal axis.
If Kevin is a rational consumer, where will he choose to operate on this graph? Identify the equilibrium point that maximizes Kevin's net benefits by selecting point A, B, or C.
Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units.
Now consider the problem of a retailer like Circuit City or Best Buy. Such retailers can sell as many copies of Vista they like at the prevailing market price of $200.
A school fundraiser raffles off a free trip to Hawaii. Many people purchase raffle tickets, but there is only one winner.
We can examine the effects of a subsidy with a simple supply and demand model. Suppose the graph below shows the market for kerosene in Indonesia. The line labeled S1 represents
What is the difference between fixed cost and variable cost? Explain the shape of the Total Variable Cost curve and explain why and how the total cost and total variable cost curves differ.
Been sold some adult tickets and student tickets for a basketball game each adult ticket cost $5 each student ticket cost$3
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live
Which piece of information is more important in the utility maximization process: marginal utility per unit of the good or marginal utility per dollar? WHY?
Suppose a pizza parlor is interested in increasing total revenue by adjusting its price. Should it raise prices or lower prices? Explain giving concrete examples.
Suppose Blanca would prefer a certain income of $20,000 to the expected value of the gamble. Explain her preference toward risk by drawing a graph.
It is assumed that the toothpast market is perfecty competitive and the current price of a case of toothpaste is $42.00. With an estimated marginal cost function to bas follows: MC=.006Q How would you
The management of the Mini Mill Steel company estimated the following elasticities for a special type of steel : Ep=2, EI=1, EXY= 1.5 and X refers steel and Y refers aliminum