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Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?
THE SOUTH AFRICAN GOVERNMENT IS NOT PROVIDING ENOUGH WELFARE OR SUBSIDIES TO THE POOR AND UNDERPRIVILEDGED.
If the market-clearing price is 6, obtain the profit maximising level of output.
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. The marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45.
In the competitive industry, reduction in property tax rate on fixed capital (plant) would reduce the fixed cost of all firms. This would have the following short-run effects on P, Q, and q respectively.
A coin is biased so that a bead is three times as likely to occur as a tail. Find the expected number of tails when this coin is tossed twice.
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $12,000 per person, while it was about $48,000 per person in the United States
Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt.
Even though both monopolists and competitive firms follow the MC = MR rule in maximizing profits, there are differences in the economic outcomes because the pure competitor cannot make any economic profit.
A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups. Cost-benefit analysis can be applied to individual decision-making and public choice th..
Analyze the risks involved in the foreign-exchange market and create a list of best practices that almost any organization conducting international business would find valuable.
many economists feel the inflation rate is overstated. Analyze the impact of the overestimated inflation rate on the economy; be sure to mention which groups benefit and which groups are hurt by the inaccurate estimate of inflation
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