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Gladys (who is careful with her money) is going to give her daughter, Beatrice, money for her birthday, and wants to minimise the amount she gives subject to Beatrice being able to attain a specified, fixed level of utility, uo. Beatrice’s utility function (which is known to Gladys) has indifference curves with the usual properties and she consumes two goods, x and y with pricespx, py respectively; Beatrice’s income consists entirely of Gladys’ cash gift to her, all of which she will spend on x and y.

(a) Use a diagram to illustrate Beatrice’s optimal choice. Explain carefully the nature of at Gladys’ choice problem in terms of this diagram?

(b) What will happen to the amount of x Beatrice consumes, and the amount of money Gladys will give her, if px rises? Answer by careful reference to a diagram only. Explain, briefly why you can be sure of the directions of these two effects of the rise in px by reference only to the diagram.

Q9. Suppose that John spends $320 on good X and good Y; his utility function is given by U(X, Y) = 20 XY and that the price of X is $4 per unit while the price of Y is $8 per unit. (a) Solve for John’s optimal purchases of X and Y. (b) By how much would John’s utility change if his allowance were reduced by $1.50? (c) Redo part (a) if the price of Y is reduced, through a price subsidy, to $4. (d) Use your answers from (a) and (c) to calculate the price elasticity of demand for Y and the cross-price elasticity of demand for X with respect to the price of Y. (e) What is the cost of this subsidy to the government? (f) How much of a cash subsidy John would have to be offered instead of the price subsidy to be as happy as in part (c). Can you explain the difference in the cost of the two subsidies?

David sells apples. The price of apples rise and the total revenue from selling apples increases. A. All of the other answers are incorrect B. It can be concluded that the demand for the product is elastic. C. It can be concluded that the supply of the product is elastic. D. It can be concluded that the demand for the product is inelastic. E. It can be concluded that the supply of the product is inelastic.

Discuss some of the economic costs associated with the piracy and counterfeiting of intellectual property rights. Explore the basic issue in light of the following types of legal systems:common law,civil law and theocratic law. Is any one system better than the others for effectively dealing with the problem? why or why not? After reading your essay , the reader should better understand the legal issues facing international companies.

Discuss some of the economic costs associated with the piracy and counterfeiting of intellectual property rights. Explore the basic issue in light of the following types of legal systems:common law,civil law and theocratic law. Is any one system better than the others for effectively dealing with the problem? why or why not? After reading your essay , the reader should better understand the legal issues facing international companies.

1. Suppose you and your partner typically vote oppositely in elections so that their your votes “cancel each other out.” Each one of you gains 2 units of happiness from a vote for your positions (and lose two units of happiness from a vote against their positions). However, the cost of voting for each one of you is 1 unit of happiness. Using a diagram (2X2 table) to represent a game in which you two choose whether to vote or not to vote.

2. You and your partner agreed not to vote in the coming presidential elections. Would such an agreement improve happiness? Explain your answer using the diagram from question 1. Would such an agreement be an equilibrium (Nash Equilibrium)? Explain your answer.

Which of the following is correct?   A. When marginal product is falling, total product must be falling.    B. All of the other answers are incorrect    C. When marginal product is falling, total product must also be falling.    D. Marginal product rises faster than total product and also falls faster than marginal cost.    E. When total product is rising, both average product and marginal cost must also be rising.

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Describe an agency problem within the insurance firm and discuss what you think is causing the problem and how the problem might be better controlled.

Discuss the situations under which private markets fail to achieve the highest level of social welfare. Include in your answer how the different situations effect WTP/MB and WTA/MC. In addition, discuss the role of government when markets fail to achieve the socially optimal level of output.

• What measures will you use to evaluate the project’s success?
  • What does success look like?
• What methods will you use to conduct the evaluation of the project?
• What is the time line for evaluating the project?
• How will you ensure the project’s continued success moving forward?

ANY INFORMATION IS HELPFUL THIS IS BASED ON ANY PROJECT OF ANY KIND JUST YOUR THOUGHTS.

5. Not so long ago, voters in our state passed a law raising the tax on a pack of cigarettes by $2. Let’s say that as a result, the price of a typical pack went up from $5 to $7 per pack. If the quantity of packs purchased each day at $5 was 5 million packs per day in our state, predict what happened to quantity purchased when the price rose to $7 per pack. 6. Name a product or service that is completely new—not discussed in the Modules or the text. What is the price of this product (or service)? What is the quantity sold per year? (you may estimate this). IS THE DEMAND FOR THIS PRODUCT OR SERVICE (PRICE) ELASTIC? OR INELASTIC? WHY? What would happen to the quantity purchased of this product if the price were to rise by 10%? Why? 7. In Module #2 we discussed the idea that Coke and Pepsi demonstrate a high “CROSS” (price) elasticity measure. What does this mean, exactly? 8. In theory, if Coke were to raise its price by 5%, how would this affect the Demand for Pepsi? Why? 9. In theory, if Coke were to LOWER its price by 5%, what would happen to the Demand for Pepsi? Why?

1. Discuss (in a paragraph below) the benefits of using a GANTT chart for managing a project.
2. Outline the six main steps of the PERT method for project management.
3. Explain why it is important to consider project budgets and other resources in project design.

. 1. What are the forces that determine why some Demand curves are ‘elastic’ while others are ‘inelastic’? 2. Why is the Demand curve for gasoline considered to be ‘inelastic’ while the Demand curve for one type of ‘typical’ new car is considered to be ‘elastic’? 3. Is the Demand curve for coffee price inelastic? Or price elastic? Why? Please apply the forces discussed in question #1 to your analysis. 4. Do the same analysis for the Demand for a typical loaf of bread, a $50 per person meal, and a pack of cigarettes.