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Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also the consumer has $288 to spend, and the price of X, Px=16, and the price of Y, Py=1:
A. How much X and Y should the consumer purchase in order to maximize her utility?
B. How much total utility does the consumer receive?
C. Now suppose Px decreases to 9. What is the new bundle of X and Y that the consumer will demand?
D. How much money would the consumer need in order to have the same utility level after the price change as before the price change?
E. Of total change in the quantity demanded of X, how much is due to the substitution effect and how much is due to the income effect?
The Blair Company's three assembly plants are located in California, Georgia, and New Jersey. Previously, the company purchased a major subassembly, which becomes part of the final product, from
Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 190 of your text. What is the Break-Even level of Income? What i..
Y at PPP is only 0.05. It is well-known that investment rate dierenHSL39502.bmpe when measured at a common set of prices while very small when measured at domestic prices.
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The company's settlement obligations are expected to raise its average total cost per pack by about $60. Illustrate what effect will this have on its optimal price.
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How many major wireless phone handset manufacturers are there?
One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move.
Calculate firm 1's profit-maximizing output and profits in the absence of potential competition and calculate the output and profits of both firms in case firm 1 accommodates entry.
What You've Learned So Far: 5. By now, you have read the first four chapters of your textbook and have learned about many sociological concepts--the various types of data collection, components of culture, elements of socialization, social groups, et..
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