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Bob has an income I = $1000 to spend on clothing and food. Letting y represent the number of units of food and x represent the number of units of clothing that he purchases, his utility function is given by:
U(x,y) = xy3
Assume that Px = Py = 1.
answer the following questions based on the graph that represents j.r.s demand for ribs per week of ribs at judys rib
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Are the salaries received by professional sports athletes outrageously high? Must the CEO's of financial institutions receive more monetary compensations than entertainers, since their jobs contribute more to the development of the country? What are ..
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