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1. Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function.
2. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for goodx and y when I=100 and Px=1=Py.
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
Trade Restrictions Effects on Exchange Rates. Suppose that the Japanese government relaxes its controls on imports through Japanese firm.
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? What is the law of supply? Give two examples of how you have observed the law of supply at work.
A copper mining operation discharges waste products into a river and causes higher costs and discomfort to downstream users of the water.
Explain the relationship between AP and MP. Be sure to use graphs to help support your answer. Calculate the MP and the AP for each worker
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
A producer of synthetic motor oil for automobiles and light trucks has made the following statement: "One quart of Dynolube added to your next oil change will increase fuel mileage by one percent.
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge
Potato chip industry in Northwest was competitively structured and in long run competitive equilibrium; companies were receiving a normal rate of return and were competing in a monopolistically competitive market structure.
Examine the factors that determine the price of computers in a free market.
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