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Calculate the Marginal Utilities ux and uy and the MRS for each of the following utility functions assuming that a,b > 0 are positive constants. (Simplify your answers if possible)
u[x,y] = 0.5x + y0.5
u[x,y] = √x + Log[√y]
compute the average cost function for skateboards. what shape does the graph of this function have. What is the average at this level of output.
compare and contrast the different ways in which China and Japan responded to the sudden encroachment of the Western powers in the late 19th and early 20th centuries. What was the result for each country of their encounters with the Great Powers of W..
Kathryn and her husband earned a considerable fortune during their working lives, but Kathryn is now retired and her husband is deceased. Kathryn has $20 million available to pass along to her two children, and has made provisions in her will to divi..
An economy is initially at the natural level of output. There is an increase in government spending. Use the ISLM model to illustrate both the short-run and long-run impact of this policy change. Be sure to label: i. the axes; ii. the curves; iii. th..
Explain the winners and losers from trade in the Ricardian, Specifc Factor, and Heckscher-Ohlin trade models?
List the three most important expenditure programs of the federal government. How do these differ from the three most important expenditure programs of state and local governments? Explain why it makes more sense for the federal government to purchas..
A firm produces identical outputs at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant, how can the firm reduce costs while maintaining the same level of overall output? Explain.
Assume that there are 2 firms playing an infinitely repeated game where firms choose prices for a homogeneous product. Let P = 5 - Q. Hence, a single-shot (one period) game is a homogenous product Bertrand game. The marginal costs of production are c..
Suppose that the market demand is Q = 100 - P First, consider a competitive industry where MC = AC = 20 for each firm in this industry. What is the equilibrium quantity Qc in the market? What is the equilibrium price Pc? What is the consumer surplu..
The following questions refer to the following graph of a consumer's indifference curve. What is the consumer's marginal rate of substitution between points A and C? What is the consumer's marginal rate of substitution between points C and B?
Examine your opinion on the death penalty. Defend why you are for the death penalty or against it. Be sure to be specific in your defense on your stance.
Suppose a certain state increases the license fees that physicians must pay from $500 to $2000 per year. Trace out the impact of the increase in fees an average cost, average variable cost, fixed cost, and marginal cost for physicians operating in th..
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