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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
q1. how short is the short-run production period?enlighten cost advantage of a firm operating at constant returns to
In general, explain the connection between a Happiness or Utility function that exhibits Diminishing Marginal Utility or Happiness, on the one hand, and risk-aversion, on the other.
Medium household income in County C is $54,021. Medium household income in Country D is $28,739. In County C, 17.4 percent of residents smoke. In County D, 28.4 percent of residents smoke. What is the arc income elasticity of demand for tobacco use?
consider the following islm model for a closed economyc4000.4yd i2000.3y-2000i g360t400 mp4y-100000ims2600 10
Do you find that in recent years that housing has became more difficult for consumers to achieve?
A firm currently uses 100 workers to produce 200 units of output per day. The daily wage (per worker) is $80, and the price of the firm's output is $50. The cost of other variable inputs is $600 per day. The firm’s fixed cost is 8,000. The marginal c..
q.a company is considering buying a new machine. two different models are available on the market.marr is 10.data
Suppose that in 2012, Canada Cars Corporation produced $20 million worth of cars and trucks but was able to sell only $16 million worth. Is the remaining $4 million increase in inventories part of GDP for 2012?
In some country, the rate of inflation is expected to increase from 2 percent to 5 percent and people fear that the increase will be permanent if the central bank does not take action. In both diagram and text, indicate clearly whether you deal with ..
q.branding i jorge products a specialty steel fabricator operates a plant in the town texas of west star. the town has
Is there any range of production characterized by scale of economies. At Illustrate what production level are scale economies exhausted.
Suppose an economy consists of 300,000 individuals 16 years and older, 160,000 are employed, and 18,000 are unemployed but actively seeking work. In this example the labor force is:
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