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A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M). a) Determine if there is a diminishing MRSH,M for this utility function. (1 point) b) The consumer has an income of $24 per week. The price of a hamburger is $2 and the price of a milkshake is $1. How many milkshakes and hamburgers will he buy each week if he maximizes utility?
What is the cost of regular unleaded fuel in your town? What are some contributing demand and supply factors to the differences in fuel prices around the country?
Keynes said it was the stock market crash of October, 1929 that was the trigger mechanism for the Great Contraction from 1929 to 1933. He believed that the crash caused expectations to become catastrophically pessimistic. Use the Keynesian Cross Mode..
Assume quantity theory of money holds with constant K and Kf. Suppose Mexico wants to stabilize the exchange rate of its currency with US dollar (dollars/peso). (1) If US is running a 5% inflation rate solely due to the increase of money supply, what..
The Goldilocks scenario can best be described by:
Why is it being used to hold "illegal combatants" instead of a military prison in the United States
Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place.
In customer theory there are some useful analytic results that can come from studying homothetic utility functions of consumption for each.
Describe at least one government policy that you believe would be effective in increasing our nations' production possibilities (creating economic growth) and therefore increasing our nation's average absolute standard of living. What explains why mi..
Suppose that the return on short-term government securities (perceived to be risk-free) is 5%. Suppose also that the expected return required by the market for a portfolio with a beta of 1.6 is 18%. According to the capital asset pricing model (CAPM)..
Imagine which you are presently a college student working at a part time work. You have Concluded the subsequent as such sally projected expenses also revenues.
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is ?0.8; the cross-price elasticity for wine with respect to the price of beer is 0.9; the cross-price elasticity for appetizers is -1.4..
An outright purchase of $20,000 now can be traded for 30 equal payments of $893 per month, starting one month from now. What is the monthly interest rate that establishes equivalence between these two payment plans?
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