Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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 recieve?
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?
Which of the following is a major difference between the AD-AS model and the dynamic AD-AS model? The dynamic .AD-AS model assumes the economy does not experience long-run growth, while the AD-AS model assumes there is constant inflation in the ec..
Calculate equilibrium level of income in goods market if i=10 also calculate equilibrium level of income in money market if i=10.
Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Describe the required outlay for 1,000 tons per day.
Demonstrate the impact of a government price control set at P = $10. Demonstrate by number and in the graph. Discuss your answer.
Determine the minimum sample size to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.2 years.
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift the function. A change in nurse remuneration from salary to fee for service. A change in case mix of patients, wi..
Income tax Let’s now consider the case where government collects an income tax (is just tax on income, and does not depend consumed quantity) instead of quantity tax, and raises the same amount of revenue. Calculate own price elasticity of demand for..
How does an economic contraction that is caused by a shift in aggregate demand remedy itself over time?
The table below represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells represent the number of customers that can be served with various combinations of labor and capital.
Dramatically cut military spending. Raise taxes significantly on the wealthy. Raise taxes substantially on low & middle incomes by imposing a national sales tax. Dramatically cut Medicare budgets for senior health care by privatizing it (Ryan plan)
A local cell phone monopoly faces the following monthly inverse-demand for lines from a typical family: P = 100 – 20Q. The total cost to the monopoly is C(Q) = 20Q. This implies that the marginal monthly cost to the monopoly is $20 per line.
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd