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How does the elasticity of demand for illegal drugs relate to efficacy of this policy? Are you more willing to favor policy if you are told demand is inelastic?
How does your answer depend on the price elasticity of demand for lettuce? Explain, using two graphs to illustrate your point.
At the point of tangency, what is true about the ratio of the goods' marginal utilities and the ratio of their prices?
What is a budget constraint? What determines the slope of a budget constraint? What situation would change the slope of a budget constraint?
When are two goods perfect complements? What does the indifference curve look like?
When are two goods perfect substitutes? What does the indifference curve look like, or what is its curvature?
Why does the slope of the indifference curve vary along the curve? What does this variability tell us about consumers' preferences?
What does term utility mean? How does utility relate to a utility function? Define indifference curve. What does an indifference curve tell us about consumer?
What will happen to the equilibrium price of coffee? How will the outcome of this scheme differ from one in which the government collects a $1.00 tax?
How can a low tax and a high tax raise exactly enough money to fund the program? Illustrate your answer using a graph.
Illustrate on the graph the impact of imposing a per unit tax on the suppliers of the good in terms of consumer and producer surplus, prices and quantities.
Calculate consumer surplus both before and after the tax. Calculate producer surplus both before and after the tax.
What are the price paid by buyers, price received by sellers, and the number of bags of Cheese Puffs sold both before and after the tax?
Draw a graph illustrating the impact of imposing a quota on production in a market, where the quota is less than the current equilibrium quantity.
What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? What is the deadweight loss of this price floor?
Find the value of the consumer surplus received by divers visiting Palau. Find the value of producer surplus received by dive shops.
If the mayor maintained his preferences, how could the clerk wind up with all of the mayor's oranges and the mayor (eventually) without a penny to his name?
Connect the dots to create Josie's budget constraint. What is the slope of the budget constraint?
Draw your budget constraint. This strange ice cream pricing, where buying more costs you more, is called a quantity surcharge.
Draw a set of indifference curves for Mitzi that illustrate the utility she derives from using shampoo and conditioner.
Draw a set of indifference curves for Wally. What will Wally's utility-maximizing bundle look like?
What is the optimal number of lures and guitar picks for Anthony to purchase? How much utility does this combination bring him?
Draw a set of indifference curves for a representative consumer, putting DVD rentals on the horizontal axis.
Draw a graph that illustrates the consumer's budget constraint, putting doctor's visits on the horizontal axis. Make sure you indicate vertical intercepts.
In what direction will price and quantity move as a result of a supply shift? What is the difference between an elasticity and slope?