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A consumer’s utility function is U(x, y) = 2xy2 . The price of x is Px, theprice 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.
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
A recent market survey indicates that 84% of male teens aged 14-18 "possess a strong desire" to own a new model of off-road utility vehicle. The vehicle has a price-tag of approximately $29,000.
Television channel operating profits vary from as high 45-55% at MTV and Nickelodeon down to 12-18 at NBC and ABC. Provide a Porter Five Forces analysis of each type of network.
International data show a positive correlation between income per person and the health of the population. How might the relative importance of two hypotheses be relevant for public policy
Evaluate the overall explanatory power of the regression model. Use a 0 . 05 level of significance. State all your hypotheses and explain your results. Do not use rules of thumb.
natural monopolies is a commonly used, potential solution to the problems presented by natural monopolies. a. Giving incentives to firms to become b. Regulating c. Breaking up firms that are d. Outlawing price discrimination by e. Refusing to grant p..
The industrialization period of the late 1800's saw several new forms of energy developed, including 1. more effective use of humans and animals to power machinery using treadmills.
Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices
Method in which Herb could use a cost-benefit analysis to argue for or against an expansion
Say whether the statement is true, false, or uncertain, and support your answer using concepts discussed in class (only the explanation will be graded and not the T/F choice). If needed, you may do some additional research on these topics.
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
expectations on how rivals will respond are important considerations when a firm decides to change the price it charges its customers, no firm controls more than a 10% share of the market
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