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Brian consumes only two goods, Chocolates and porcelaine lupines. Let X be the number of chocolates Brian consumes and Y be the number of porcelain lupines. Brian's utility function is given by U=20X^2 Y. Suppose initially that the price of chocolates is $1 as is the price of porcelain lupines. Brian's income is $840. Now suppose the price of chocolates rises to $3. Calculate CV and EV associated with the price change
You are considering buying a new house, and have found that a $200,000, 30-year fixed-rate mortgage is available with an interest rate of 4 percent. This mortgage requires 360
A firm's current profits are $450,000. These profits are expected to grow indefinitely at a constant annual rate of 3 percent. If the firm's opportunity cost of funds is 6 per
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Countries seeking to adopt the euro as their currency must meet certain criteria, including the requirements to keep their government budget deficit equal to 3% or less of GDP
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is
Suppose the market demand for boxes of cigars is given by P = 100 – Q. There are two firms, A and B, producing cigars, each with the same constant MC of €5. If the firms: a. C
In? economics, the short run is the time frame in which? ______ and the long run is the period of time in which? ______. the quantities of some factors of production are? vari
In class, we study the two-part tariff question with the following system. Consumer 1 has demand function q1 = 50 − p1 and consumer 2 has q2 = 50 − 2p2 The per-unit cost of th
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