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A consumer's utility function is U(x, y) = 2xy2 . The price of x is Px, the price of y is Py, and the consumer's income is I. (x and y do not have to be integers.)
a) Derive the equation of the consumer's demand curve for x.
b) With y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
c) Suppose the consumer has income I = 150 and faces prices Px = 5 and Py = 10.What is the optimal basket?
Calculate the income and substitution effects (withrespect to x) when Px increases to 8.
The difference between the average earnings of eye surgeons and those of janitors is an example of
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.
What is your monthly loan payment? What is your yearly loan payment and what is your yearly depreciation? What is the book value of the property at the end of ten years?
Demand and supply functions of tomato are listed below, The maximum value of tomatoes that manufacturer will offer for sale if the price of tomatoes is $ 0.30
Recently, Pfizer and Warner-Lambert agreed to a ninety billion dollar merger, thus creating one of the world's biggest pharmaceutical firms. Pharmaceutical firms tend to expend a greater percentage (%) of sales on R&D activities than other industries..
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
As a manager of a financial considering business you have two financial planners, Phil and Francis. In an hour, Phil can make either one financial statement or answer ten phone calls,
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
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.
The price charged to consumers, the average total cost of production and the efficiency of the market outcome
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