Blog

Behavioral economics is the study of the intersection of:

Sarinda consumes crab cakes and tuna. Sarinda’s utility increases with the consumption of crab cakes, but her utility neither increases nor decreases with the consumption of tuna. Assuming tuna is on the x-axis and crab cake is on the y-axis, what do Sarinda’s indifference curves look like?

Suppose that good X and good Y are substitutes and that good X and good Z are complements. When the price of a good Y _____ or the price of good Z _____, the demand curve for good X shifts outward.

When the price of milk drops, the income effect _____ the quantity of milk consumed from _____ gallons.    

Which characteristic(s) relate(s) to perfect competition?

  The Ottawa Ankle Rules recommend xray for:

A basic assumption of about the short run is that a firm:

Helena purchased a tennis racket from a sporting goods website. She paid $110 for it and received consumer surplus of $55. What was Wilson’s willingness to pay for the scooter?

(Figure: Market for Good X I) Which of these statements is (are) TRUE?       I. A tax on buyers of $3 per unit raises the price buyers pay to $6. II. A tax on sellers of $3 per unit raises the price buyers pay to $6. III. With a tax on sellers of $3 per unit, the share of the tax paid by buyers is 67%.

Suppose that the wage rate is $25 per hour and that the rental rate of capital is $50 per hour. The equation for the isocost line is given by: