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Ross derives utility from only two goods, chocolates (x) and donuts (y). His utility function is as follows: U(x,y) = 2xy. His marginal utility from chocolates (x) and donuts (y) are given as follows: MUx = 2y and MUy = 2x. Ross has an income of $100 and the price of chocolates (Px) and donuts (Py) are both $0.50. Suppose price of donuts (Py) increase to $1.00, price of chocolates and income remain unchanged. How much is the total effect of this price change on Ross's consumption of donuts? How much of this total effect is due to income effect and how much is due to substitution effect?
Explain the differences of Marshallian, Hicksian, Slutsky demand curves. You can explain verbally or you can use the graphs. Suppose that the price of good 2 increases from the initial prices. Explain Slutsky substitution effect and Hicksian substitu..
Using an example explain why negative externalities lead to inefficient overproduction and discuss one way government can ensure a more efficient outcome. Discuss using an example what are public goods and why does it lead to a free rider problem.
Which component of GDP is the most stable. Look for the smallest change from the year with the smallest contribution to GDP to the year with the largest contribution.
Suppose John now has W = $4900 and foresees that there is 50% chance encountering a big loss of $4800 in the future. Assuming that John's preference can be described by the utility: U ( W ) = sqrootW. What is John's expected future wealth? What is Jo..
a technology is invented that makes labor and capital perfect one to one substitutes in the production of mint
Explain should decision management as well as decision control be separated.
Suppose the economy were very strong and unemployment very low. Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically.
Fred loves tomatoes. He makes soups, sauces, and stews with them; stuffs them; roasts them; and grills them. Fred has discovered a farmer’s market where the price of a bushel of tomatoes depends on how many bushels are purchased. What is Fred’s margi..
Perfect Competition is the one industry structure that achieves all of the following. Select one of the achievements of Perfect Competition listed above. Describe what it means in your own words, and state why you believe it to be the most important ..
Santiago is from Spain but lives in Texas. Ryan is from England but he lives in Arizona. A car dealer in Texas buys a new BMW from a BMW factory in Arizona for $51,567 and later sells the new BMW to the final buyer, who is Santiago for $75,120. Later..
Explain in detail the problem the country is facing. Government could address the problem with either increasing government spending, cutting taxes, or both. If the government decided to increase spending to address the problem, by how much should sp..
If a $24 per share stock has a P/E ratio of 20 and pays out 40 percent of its profits in dividends, How large is its dividend? What is the implied rate of return?
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