Sandra consumes only hamburgers (good x) and milkshakes (good y). She is indifferent between bundles A = (2,10), B = (6,4) and C = (10,2), which are on the same indifference curve. If MRSx,y (A) > MRSx,y (B) > MRSxy (C) (e.g., 8>2>), how does her indifference curve look like? Sketch this indifference curve using the information about the MRSx,y to make sure that the curvature is accurately depicted. Label your graph. [Hint: Plot the three bundles and then use the definition of MRSxy=-slope IC to depict the shape of the indifference curve passing through these bundles by approximately figuring out how the line tangent to each point would look like (i.e., more or less steep)]

Sam quit his job and started his own business. He made a $100,000 salary at his old job. The company paid $10,000 a year for his family's health insurance premium and paid him $5,000 in profit sharing in the year. He owns some commercial property that he used to rent out and make $20,000 a year. Now he uses that property for his new business. With his new business, in his first year, he paid his production workers $125,000. He paid a salesperson $60,000 in commissions. His gas and utilities came to $12,000. He put in $50,000 of his own money that he could have made 2% a year in the bank. He also spent $14,000 in advertising and $20,000 for a business consultant. In his first year as a business owner, Sam made $300,000 in sales. 1. What are his explicit costs? Be sure to list out all of the explicit costs so that I can give partial credit if need be. 2. What are his implicit costs? Be sure to list out all of the explicit costs so that I can give partial credit if need be. 3. What is his…

Your manager has requested you to assist with training on work relationships. Describe the four types of work relationships and a real-life scenario to illustrate each type of relationship.

How many days off does an oil rig worker get?