You view tea and scones as perfect complements, and you pref…
You view tea and scones as perfect complements, and you prefer to consumer one cup of tea with one scone. Also, your indifference curves are plotted with tea on the vertical axis. If you presently have two cups of tea and one scone, what this the marginal rate of substitution (MRS) at this point?
Read DetailsProfessor Goodheart has two exams, exam 1 and exam 2. The ex…
Professor Goodheart has two exams, exam 1 and exam 2. The exam 1 weights 30% and the exam 2 weights 70% of the final grades. Put the grades on the exam 1 on the horizontal axis and the grade on the exam w on the vertical axis. What kind of preference a student should have for these two grades?
Read DetailsTo simplify our consumption models, suppose U.S. consumers o…
To simplify our consumption models, suppose U.S. consumers only purchase food and all other goods where food is plotted along the horizontal axis of the indifference map. Also, suppose that all states initially impose state sales taxes on all goods (including food), but then the states exempt food from the state sales tax. How does this tax policy change alter the consumer’s budget line?
Read DetailsDue Date/Time: 11:59 PM Wednesday September 11, 2024. Maxi…
Due Date/Time: 11:59 PM Wednesday September 11, 2024. Maximum Time Limit = 75 Minutes (in one sitting) Must be taken in one 75-minute sitting/session. Must Use Examity. Examity is required to take this exam. Remember to comply with Examity’s identification requirements, and show your photo ID, please. Acceptable forms of ID include: CCAC Student ID, Driver’s License, or other Government-Issued ID. IF YOU NEED TO USE SCRAP PAPER, YOU MUST SHOW THE BLANK PAPER TO THE CAMERA FIRST, THEN WRITE WHAT YOU NEED TO, THEN SHOW THE WRITTEN-ON PAPER TO THE CAMERA. Be sure that you type all your answers and any work into the exam, too, please. IF YOU NEED TO USE A CALCULATOR, IT MUST BE A REGULAR CALCULATOR (HAND-HELD OR ON SCREEN). PHONES AREN’T PERMITTED. YOU MUST SHOW THE CALCULATOR TO THE CAMERA IF IT IS HAND-HELD. REMINDERS: Exams, tests, and quizzes are closed books, closed notes, closed slides, closed assignments, and taken individually. No additional devices allowed other than the one (1) being used for the exam/test/quiz. Only the test/exam/quiz screen should be open. A simple, basic calculator can be used (not phones). No other windows, websites, programs are permitted.
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