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!
Johannes has a utility function given by U=xy/(x+y) where x is the amount of product 1 consumed per period and y is the amount of product 2 consumed per period. Johannes’ monthly income is $200. if the first 50 units of product 1 sell for $2 per unit but for x>50 the price of product 1 falls to $1 per unit. Assume Johannes can buy as much of product 2 as he likes at a constant price of $2 per unit.
Find Johannes’ utility maximizing consumption levels for products 1 and 2 . Illustrate your answer with a diagram showing Johannes’ budget line and his highest attainable indifference curve.
Respond to the following question with at least three well composed paragraphs: Restaurants typically charge much higher prices for dinner than for lunch, despite the fact that the cost of serving these meals is about the same. Why do you think this ..
Widgetland has 60 workers. Each worker can produce 10 widget(s) or 12 wadget(s). Each resident in Widgetland currently consumes 8 widget(s) and 8 wadget(s). Wadgetland also has 60 workers. Each can produce 10 widget(s) or 8 wadget(s). To maximize con..
Enlighten these concepts in terms of specialization, opportunity cost, trade as well as comparative advantage.
Many economists specializing in "growth theory" contend that developing countries may achieve strong economic growth by increasing the amount of capital and labor available for production, but that this type of growth strategy is incapable of support..
The purpose of the federal reserve is to
Draw a graph with arcade games on the horizontal axis also newspapers on the vertical axis. Joe has $10 every week to allocate between these commodities.
Suppose the Federal Reserve is considering the applications of four different banks to merge with other banks. Given the level of the new HHI and the change in the HHI shown below, in which case could the Fed challenge the merger?
disregard the portion of the supply curve that corresponds to prices where there is no output.
Draw labor supply and demand curves for cashiers in Hadley supermarkets. Jeannette Wicks-Lim argues that the minimum wage could be raised without causing significant job loss. Why, in her view, would companies pay higher wages without laying off work..
Two firms compete in a market to sell a homogeneous product with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50 and has no fixed costs. Use this information to compare the output levels and profits in sett..
In the monetarist model
If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity demanded.
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