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Ms. Fogg has $10,000 to spend on the trip, if she spends all of it, then her utility will be U (10000) = Log (10000) = 4.
Now consider new demand curve for flyswatters Q = 1000 - 50P, evaluate quantity demanded for following prices, sketch demand curve.
Find out, how following will affect slope of the output demand curve, and describe your results: Inter temporal substitution effect of real interest rate on current consumption increases.
When viewed on a graph, typical income constraint or budget line will slope up from left to right. True or False, and explain why?
Compute income elasticity of demand for this commodity at income of $10,000 and sales of 80,000 units.
By using what you have learned regarding the laws of supply and demand, describe to your friend how the market influences price.
Compute the marginal cost function. Determine quantity that minimizes average costs.
In doing so remember that demand function given above explains relationship between prices consumer pays and amount demanded.
Shaqueena's utility function is given by U= I1/2, where I signifies annual income in thousands of dollars. Is Shaqueena risk loving, risk neutral or risk averse?
Describe why for every firm price is always equals average revenue.
Assume Michael receives $50 per day as interest on inheritance. His wage rate is $20 per hour, and he can work maximum of 16 hours per day at his job. Sketch his daily budget constraint.
Demand for wheat in USA given by Demand: QUS = 900-20P, while demand for wheat in Europe is given by QEU = 1800-30P. Deduce and draw aggregate demand schedule.
Find out Aztec's elasticity of demand for advertising? Can you write equation for Aztec's demand for advertising?
What action do you assume cigarette companies took to avoid bankruptcy?
Determine total revenue and marginal revenue schedules of the firm.
Is industry in long-run equilibrium at this price?
Fixed costs for plane are $3,000 per day whether it flies or not. (a) Must airline replace its night flight from Los Angeles with morning flight? (b) Must the airline remain in business?
Given reaction function of duopolist A, QA = (12-QB)/2 (1) and reaction function of duopolist B, QB= (12-QA)/2 (2), determine Cournot solution, that is to compute QA and QB by substituting (1) into
As a firm's output increases, average fixed cost (FC/Q) should decline. It can never increase. True or false, and why?
How much is marginal cost (MC) per unit for extra production amount of 50 units from 100 to 150? Illustrate your work.
If price of gasoline is $2.00 and price elasticity of demand is 0.4, how much will 10 percent reduction in quantity placed on market increase the price?
Compute monopolist's profit-maximizing quantity, price, and profit.
Is there a Nash equilibrium in this game? Describe.
A utility-maximizing student with smooth, convex indifference curves spent her entire allowance on books (B) and movies (M) last month.
Using indifference curves and budget constraints, illustrate choices of Nate and Tim if Smiths give both boys same monthly allowance.