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Consider a Cobb-Douglas utility function of the type u(x,y) =x2y2. The prices of the two goods x,y are px = $2 and py=$4 consumers income is given by m=$100.
A) find the optimal basket containing these two goods.
B) find the demand functions for x. Must be shown graphically too.
C) what are the shares of income spent on each good?
D) draw the Engel curve for x
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and is willing to trade 2 fish for every coconut that you are willing to give him. What is the slope of budget line from trading with Frid..
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What technology available to produce your product suddenly improves. You should note whether the scenario indicates a shift of the curve or movement along the curve. You are a supplier of widgets.
The learning process at many schools is being compromised. Instead of focusing on their education, students are concerned with their appearances. Fashion choices are of higher importance than completing homework assignments and passing tests. School ..
Juanita is a college student who lives in Miami and provides math tutoring for extra cash. At a wage of $40 per hour, she is willing to tutor 7 hours per week. At $50 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the..
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
Using aggregate demand and aggregate supply analysis, explain the happy coincidence of both low inflation and decreasing unemployment in the United States during the roaring nineties
With respect to Company A's Investment in Company B account and its net income, which of the following is true?
A consumer has preferences u(x) = 2x 1 2 1 + x2. The price of good 1 is p1 > 0 and the price of good 2 is 1. You may restrict your attention to interior solutions throughout. Explain whether these preferences are i) monotonic, ii) quasilinear, iii) e..
In which type of auction is the item awarded to the highest bidder at a price equal to the highest bid? A Vickrey Auction B Common-Value Auction C Sealed-bid first-price auction D Second-Price Auction
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