Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Consider the utility-maximization of a consumer with preferences U(Dc;Df ) = (Dc)alpha (Df )1-alpha ; with 1 < alpha < 0. and a budget constraint of the form PcDc + PfDf <= I.
1. Solve for the marginal utility of consuming clothing, that is @U(Dc;Df )=@Dc. @= derivative
2. Solve for the marginal utility of consuming food, that is @U(Dc;Df )=@Df .
3. Check that the marginal rate of substitution is equal to -(Df/Dc)alpha/(1-alpha). Show your work.
4. Using the fact that MRS = -Pc/Pf and that PcDc+PfDf = I, solve for the demand for each good in terms of the prices and income.
Define the natural rate of unemployment and cyclical unemployment. How does the government measure the economy’s rate of unemployment? What problems arise in interpreting unemployment data?
A suntan lotion company is interested in expanding to another market. In Miami, there is a 60% chance of selling 5,000 units at a $5 profit/unit, a 20% chance of selling 4,000 at a $8 profit/unit, and a 20% chance of losing $5,000. In Las Vegas, ther..
Assume there is a Worker who has a utility function over money income m and leisure l is u(m,l)=(m*l)^1/2. This worker choose how many hours to supply to the labor market where h=16-l subject to the market hourly wage w.
Hamsung , Inc., a manufacturer of electronic appliances, estimated the unit cost of one of its products as follows: Material costs $ 63 Labor costs $ 24 Overhead $110 $197 The overhead cost is made up of $50 per unit variable costs and $60 per unit f..
Pocoyo bakes cookies also Pato grows vegetables. In which of the subsequent cases is it impossible for both Pocoyo also Pato to benefit from trade.
You are the manager of a new firm that can choose between two technologies for producing output using only labor. Technology A can produce two units of output for each hour of labor input. Technology B can produce three units of output for each hour ..
If you've ever used a drive up window for banking, you've probably noticed that the buttons have Braille dots on them. This is puzzling because blind people don't drive cars and don't use drive through banking. Why is it that keypad buttons on drive ..
Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 25 percent tax on income between $20,000 and $30,000. Determine your marginal tax rate. Determine your ..
A cappuccino vending machine is designed to dispense an average of μ oz per cup. If the ounces per fill are normally distributed, with a standard deviation of 0.4 oz, what value should μ be set at so 6 oz cups will overflow only 2% of the time?
If one draws MC curves pre and post innovation as well as the Marginal Revenue line for a monopoly and the MR in a competitive situation.
What is included in the true marginal cost of public spending from an economic perspective? Briefly explain why government spending typically grows faster than economic output.
Suppose the Demand for baseballs is given by Q = 240 – 8P. What is the price elasticity of demand when P = 6? At what price will Total Revenue be maximized?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd