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A decision maker wishes to maximize total benefit, B = 3x + xy + y subject to the cost constraint, C = 4x + 2y = 70. Setup the Lagrangian and then determine the values of x and y at the minimum level of benefit, given the constraint. What are the maximum benefits?
What is the break-even quantity? What are total revenues for the break-even quantity? What are total costs for the break-even quantity?
All of the questions in this Part refer to the market for gasoline. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately. Huge new crude oil reserves are discovered in th..
Taking business personally, Recognize some policy change that you propose to decrease the federal government budget deficits and debt.
how much control do health care consumers have over their choices in the health care market? think about choice of
Proponents of government spending claim that it provides public goods that markets generally do not, such as military defense, enforcement of contracts, and police services. Standard economic theory holds that individuals have little incentive to ..
Define this his average valuation as E[v].
the gpi bookstore orders sweaters with the gpi logo on them and sells them for 40 a piece. during a typical month 80
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price? What will happen to revenue (rise or fall)? If instead it raises price by 20%, what is the perc..
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . Where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
Describe the pricing strategies in monopolistic competition, oligopoly, and monopoly market models. Explain which market structures are price makers and price takers. What is the difference in the demand curves and why.
The Swiss pharmaceutical global corporation Hoffman-La Roche has made a major breakthrough in the relief of a serious disabling disease that affects 3 percent of the world's population. Its new product Tigason is the first product that effectively..
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