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Dennis is only interested in two things, eating food and playing the online multiplayer game Globe of Gratuitous Violence (GoGV) – a close competitor to world of war craft. Dennis’s utility is given by the function € U(q f , qg ) = 0.25ln(qf ) + 0.75ln(qg ) where qf is the quantity of food and qg is the hours of GoGV play. The price of a meal of food is $10, the hourly fee for GoGV is $2.50, and Dennis’s income is $1,000/month. a.) Write the general expression for Dennis’s marginal utility with respect to food and GoGV play. b.) What is the Marginal Rate of Substitution (MRS) between food and GoGV play? (e.g. the rate at which Dennis willing to exchange a meal for another hour of GoGV play, ?qF/?qG?) c.) Assume Dennis has a budget of $1,000/month. Draw Dennis’s monthly budget line, with food on the vertical (y axis) and GoGV on the horizontal axis.
Explain how did the invention of crack cocaine transform the urban street gang. As per the data cited in this chapter, civil rights laws and a shift in the attitudes in the United States regarding race helped to improve the status of black society..
Explain how will this combined tax-transfer policy affect aggregate demand at current prices.
Determine where each of following increases, decreases, or remains unchanged in short run: market interest rate, quantity of money demanded, investment spending, aggregate demand, potential output, price level and equilibrium real GDP.
Explain why would the increase in GDP be greater than the increase of a $100 increase in government spending.
The market demand curve for this product is estimated to be: Q = 6009 – 25P where Q is the number of plate covers per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 120 + ..
Write down the consumer budget constraints when young also when old the consumer lifetime budget constraint the government budget constraint also the market clearing conditions.
Suppose that people expect the Fed to hit its inflation target. A: Calculate the optimal money growth rate needed for the Fed to hit its inflation target in the long run.
What is the initial level of output per person? What is the level of output per person after 10 years?
Does Zara experience disadvantages from its "fast-fashion" allocation system. Are these disadvantages offset by the advantages.
q.while the primary focus of the final project should be on your firms worldwide operations integrate information on
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
q.the warren amp smith company manufactures commercial zippers of the two kids x and the kind y. its production
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