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1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) derive the demand functions of good X and good Y.
2. You are given the individual demand curves for food for 2 households. These are household A and household B. The demand for household A for food is given by equation: Qa= 1430 - 55p The demand for food for household B is given by the equation: Qb= 1470 - 70p Where Qa= demand for food in kg by household A Qb= demand for food in kg by household B Calculate the market demand for food
Assume whether you believe the organization will expand or contract as well as address the price elasticity of demand and competitors.
List the basic characteristics of pure monopoly, monopolistic and oligopoly competition. Under which of these market classifications does each of following most accurately fit?
Carefully describe and show graphically how each of following changes would effect the shape of the IS curve:
You can lease the similar piece of equipment, delivered and installed, for an all-in cost of $65,000 per year, for three years, payable at the beginning of each year.
Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor.
Identify each of the following events as: (use a, b, or c to answer the question) a) part of an expansionary fiscal policy b) part of a contractionary fiscal policy c) or not part of fiscal policy i. The corporate income tax rate is increased.
What are consumption and saving in each period, assuming no borrowing constraints? What happens if the consumer faces a borrowing constraint that prevents her from borrowing?
Quantity of pizzas demanded soared he following week from 1 pie an hour to 100 pies an hour. Illustrate what was the price elasticity of demand for Domino's pizza.
The questions asked if a paper mill manufactures $1 million worth of paper this year but adds considerably to the pollutants in a nearby river, are the social expenses arising from this pollution reflected in the gross domestic product?
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. What price should the manager charge for the calculators?
The rules of the federal government influence outcomes of many activities in that economy. When government rules change or unplanned events occur, the resulting economic activity will usually change.
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