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A consumer's preferences over two goods are represented by: U(x1, x2) = (x1^2)(x2^3)/100 The prices are P1 and P2, and an amount of money E can be spent on these goods. a) Show that the two uncompensated demand functions are: x1 = 2E/5p1 and x2 = 3E/5p2 b) How do you know that these demands maximise utility rather than minimising it? c) Suppose that p1 = $4, p2 = $5 and E = $100. Use the results in a) to find the optimal quantities demanded of the tw0 goods, and the resulting amount of 'utils' obtained. Assume that both goods are divisible, so fractions are possible
John is buying some wood from Michael at a price of $50. He needs to build warehouse to put them in. He has two options: (i) build a high quality warehouse at a cost of $100; or (ii) build a simple warehouse at a cost of $50. If there is no rule that..
Consider an investor with preferences given by the utility function U = E(r) – 0.5Aσ2 and there are two portfolios with the following characteristics: Suppose that the investor has a level of risk aversion of A = 2. Which portfolio should the investo..
Analyze two categories of foreign base company income - create a scenario suggesting how a U.S. domiciled multinational entity (MNE) can use a CFC to defer income using one (1) of the categories you analyzed.
Which of the following best characterizes changes in the U.S. long-run aggregate supply curve during the past 50 years (taking into account that the economy has acquired better technology)?
If the exchange rate at the end of the year is 105 yens for a dollar then what would be the inflation rate be in the US.
U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the mea..
How is it that certain groups in the United States never given the opportunity to “assimilate”? Include the following groups in your analysis: Hispanics, African-Americans and others of African descent, Native-Americans, and Asian-Americans.
Elle is walking to work along a sidewalk next to a road. A truck owned by Fast Distribution Company (FDC) strikes and injures Elle, causing her injuries that result in more than $250,000 in medical expenses. Elle is a resident of Georgia, where the a..
Formulate a model for the problem
Another alternative donation scenario is to deposit $25,000 now in a savings account with a guaranteed rate of return of 5% per year compounded monthly. Each month your company will withdraw $1000 from this account and donate it to Children's Hosp..
A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels.
Given the market for corn in equilibrium, show the effect on price and quantity of the following simultaneous occurrences: Good weather results in a 10% increase in the harvest of corn.
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