A movement upward along an upward sloping Engel curve corresponds to
A) upward sloping indifference curves.
B) crossing indifference curves.
C) a rotation in the budget constraint.
D) a parallel shift in the budget constraint.
D
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Two companies, Dirty Inc. and Filthy Inc., each of which has access to 5 different production processes, each of which has a different cost and produces a different amount of pollution. The daily costs of the processes and the number of tons of smoke emitted are shown in the table below.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Dirty Inc. ($/day) $110$200$380$740$1,460 Cost to Filthy Inc. ($/day) $400$430$490$580 $700Suppose pollution is initially unregulated. If the City Council imposes a tax of $91 per day on each ton of smoke emitted, then total emissions will fall to ________ tons of smoke per day.
A. 1 B. 4 C. 2 D. 8
In the above figure, Brendan originally consumes at point A. If his income rises and compact discs are a normal good but haircuts are an inferior good then he will begin consuming at a point such as
A) E. B) B. C) C. D) D.
According to the income effect, lower prices give people more purchasing power with which to increase the quantity demanded of goods
a. True b. False Indicate whether the statement is true or false
Which of the following graphs or charts must add up to one hundred percent?
a. a labor graph b. a pie chart c. a time-series graph d. a scatter diagram