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Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10 to spend on A and B, that is x+y=10. How is the $10 best allocated between A and B?
How would better health outcomes cause higher income? How might the relative importance of two hypotheses be relevant for public policy?
Kindle tablet vs Ipad 2. There is rumor on the market that Amazon will release a new tablet device called Amazon Kindle, which will become a competitor of Ipad 2 from Apple. Let us consider a sequential game based on this story.
Illustrate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
Determine the Tragedy of the Commons, which gives a contemporary example, and offer a potential solution.
What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled If the prices of Coca-Cola and Pepsi remained constant, what would be the typical buying response to these products if consumer income was reduced by 30%
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations. Determine the nature of the Return to Scale as exhibited by the above production function.
The injections-withdrawals approach, complete the table again and demonstrate that the point you chose in question 4 is the equilibrium now.
The effects on the development also diffusion of computer technology in the 1970s and 1980s on the U.S. economy in the late 1990s to the present.
Make supply and demand diagrams for market A for each of the following. Use these diagrams to determine how each of following changes in demand or supply affect equilibrium price & equilibrium quantity.
Determine the price elasticity of demand for a resource. Why is it important and what is it used for.
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.
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