John spends all his income of 10000 dollars on two commodities: cheese and wine. The price of cheese is 15 dollars (per kilogram) and the price of wine is 8 dollars (per liter).

a) Describe John's budget set.

b) In a two-dimensional coordinate system in which wine is measured in the vertical axis and cheese on the horizontal axis, draw the budget line of this consumer and show his budget set.

c) Find the points where the budget line hits the axes. At each of these points write down the quantities of each good consumed.

d) What is the slope of the budget line? And what is the economic interpretation of this slope?

e) Because of a new import tariff, the price of wine per liter increases to 20 dollars. On a separate graph, plot and show how the consumer's budget set is affected.

F) Because of a severe shortage in the supply due to a new quota on wine imports, a new rule is implemented by the only liquor store in town, allowing each consumer to purchase at most 5 liters of wine. Does this rule change the slope of the budget line? Show on a separate graph how the new rule affects the consumer's budget set.

Suppose that you have applied to two graduate schools and believe that you have a 0.6 probability of being accepted by school C, a 0.7 probability of being accepted by school D, and a 0.5 probability of being accepted by both.

A) Events (accepted by school C) and (accepted by school D) are independent. True or False

B) Events (accepted by school C) and (accepted by school D) are disjoint. True or False

In a certain town, 22% of voters favor a given ballot measure. For groups of 21 voters, find the variance(??) for the number who favor the measure.

Canada experienced very high GDP growth, record low unemployment rates, and virtually non-existent inflation in the late 1990s. Based on the conclusions of the AD/AS model, this combination of good economic results can be explained by a:

a.) leftward shift of the aggregate demand.

b.) leftward shift of the short- or long-run aggregate supply.

c.) rightward shift of the aggregate demand.

d.) rightward shift of the short- or long-run aggregate supply.

In Nigeria, several young girls were abducted due to their belief in education and in Libya

recent events of slave auctions occurred and were recorded; apply

The Universal Declaration of Human Rights to this incident. Include reference to this event from

news articles, web accounts or journal entries: Have third world governments responded to the

needs of women.

Are women a global caste?

If we consider the group 'women and girls' throughout history and across every country, is there something that the people in this group have in common (or are likely to have in common) such that we'd want to be able to talk about them for political purposes? Or is this group just too big, or too heterogeneous?

(word limit: around 250 words)

Said Al Hamli and his friend Khaled Al Masri are the owners of a small hotel, the Sun Star, in the Red Sea town of Hurghada. Close to Cairo, the resort town has grown from a fishing village to one of Egypt’s famous vacation spots. Hurghada is the gateway to many small islands and offshore reefs favored by recreational snorkelers and divers and many tourists combine their stay with excursions to the Nile Valley, the Great Pyramids and Luxor.

To take advantage of the growing numbers of tourists, particularly from Europe and the Middle East, Said and Khaled are planning to double the room capacity of their hotel by adding a second building to the already existing structure. Fortunately, Said recognized the great potential of Hurghada ten years ago, well before the town became a hub for recreational tourism, and bought the land adjacent to the hotel for relatively little money when it was still under construction.

Now, Said and Khaled are studying the new layout and trying to determine if the expected revenues justify the substantial initial investment of EGP 70 million ($11.8 million). According to their calculations, operating cost would rise by EGP 23.8 million ($4 million) in the first year, which would include hiring and training of new personnel, maintenance of facilities and equipment etc., and likely increase by about 5 percent per year thereafter. With an aggressive marketing strategy, Said and Khaled believe that a revenue enhancement of EGP 20.8 million in the first year is realistic and that a subsequent annual increase of about 15 percent for eight to nine years, with revenues leveling off thereafter, can be achieved. Ideally, Khaled would like to retire in ten years. Seeking advice from you, a knowledgeable friend, they share their detailed cost and revenue projections with you.

QUESTIONS

Do teachers find their work rewarding and satisfying? An article reports the results of a survey of 397 elementary school teachers and 268 high school teachers. Of the elementary school teachers, 225 said they were very satisfied with their jobs, whereas 129 of the high school teachers were very satisfied with their work. Estimate the difference between the proportion of all elementary school teachers who are satisfied and all high school teachers who are satisfied by calculating a 95% CI. (Use p_elementary − p_{high school}. Round your answers to four decimal places.)

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