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1. Fewer potatoes are demanded when the price of rice has fallen from $ 0.25 to $0.10 cents per pound. The reason for the decline in the market demand for potatoes is because rice and potatoes are substitutes. When there is a decline in the price of rice, more rice will be demanded and fewer potatoes will be demanded. Since rice becomes relatively cheaper, people would prefer to buy more rice and so their demand for potatoes will decrease, as is the case in substitutes.
U(Y) = Log Y
Ms. Fogg has $10,000 to spend on the trip, if she spends all of it, then her utility will be U (10000) = Log (10000) = 4
2. The Molly Jock wants to buy a high definition television to watch the Olympic Greco roman wrestling competition in Beijing.
Molly jock's income = $20000, She knows where she can buy television she wants for $2000, She can buy the same television set at Crazy eddies for $1700 but is unsure, that is true, The gicen utility function is = Ln (Y) Where, Y is the income after purchase the television.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Imagine a person's utility function over two goods, X and Y, where Y represents dollars. Specifically, assume a Cobb-Douglas utility function:
Is this type of bonus structure in the interest of the company? Use theoretical and graphical insights from chapter five of the textbook to explain your reasoning.
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Compute the steady state levels of population. How might we transition between these two steady states and growth during the Malthusian regime?
Use a production possibility frontier to illustrate the probable results of your fiscal policy. By how much did consumption change? By how much did savings change?
Write a 700- to 1,050-word paper in APA format describing the effects of taxation and price controls on the economy.
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook-Algebraically determine the equilibrium industry price/output combination.
What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".
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