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Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1,000xy - 2,000. Tammy’s utility function is U(x, y) = xy(1 - xy). Oral’s utility function is U(x, y) = -1/(10 + 2xy). Marjoe’s utility function is U(x, y) = x(y + 1,000). Pat’s utility function is U(x, y) = 0.5xy - 10,000. Billy’s utility function is U(x, y) = x/y. Francis’s utility function is U(x, y) = -xy. Who has the same preferences as Jim? Explain
Economists discuss that there is an efficient amount of pollution abatement. Why is the efficient amount of abatement unlikely to be either zero or 100 percent?
Discuss how you can use the laws of demand and supply to explain the following scenarios: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month. the employees at the gasoline station would ha..
A local restaurant initially estimated a large demand for dining in a space near a floor-to-ceiling fish tank. The cost of the tank is $8 million. Does this statement reflect the appropriate decision-making criteria? What is the appropriate criterion..
Explain how much must government spending increase to eliminate the GDP gap.
Illustrate would be the effect on D' of decreasing the variable cost per unit by 25% if the fixed costs thereby increased by 10%.
Eddie\'s Electronics sells laptop computers for $400. At this price, the store sells 325 laptops. Eddie\'s Electronics incurs a $343 cost for each laptop it sells. Assume that this is the store\'s only cost. Round your answers to the nearest dollars...
When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
During the real estate boom of the mid-1990s, the price of new and existing homes rose year after year, yet people purchased more homes year after year. Is this outcome best explained as an exception to the law of demand, or is a different explanatio..
q.due to rising food costs our vending contractor royalle vending will implement a slight price increase on all
Suppose a firm's average cost is R30 at 5 units of output and R32 at 6 units of output. The marginal cost of producing the sixth unit is R42. Is it true or false.
Your company headquarters is within the United States in a state with no state income taxes. The company does before tax analysis using a MARR of 14.84%. The company expects its revenue in the current year to be $18,500,000. You are asked to do an af..
In the fake country of Oz there is only 1 burger joint, BamaDonalds; it can produce burgers at a constant average cost and marginal cost of $2 per burger. Demand for burgers in Oz is represented by this demand curve: Q = 40 - P. Calculate the profi..
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