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Elle's prefrences over apples(A) and bananas(B) are represented by the Cobb-Douglas utility function; U(A,B) = AB.
A) Write down the optimization problem. What is the objective function? What are the choice variables? What is the constraint?
B) What are the optimality conditions? Explain.
C) Dervie her individual demand curves for apples and bananas as functions of the prices and income.
D) What is her optimal bundle if her income is $100, and bananas are $1 a pound and apples $2 a pound?
E) What is her new optimal bundle if the price of apples go down by 1 dollar? What is the substitution effect of this price change? What it is the income effect of this price change?
What exactly is computational economics? For example, does certain software for calculating/predicting/visualizing cost of manufacture falls under computational economics?
Treasury bonds with the same maturity are yielding 4.7% per year, and the real risk-free rate (r*) is 2.05%. The average inflation premium is 2.25%, and the maturity risk premium is estimated to be 0.1(t - 1)%, where t = number of years to maturity. ..
Compared to their levels in 2003, the poverty line has ________ and the minimum hourly wage has ________.
If we assume that the required reserve ratio is 10%, please provide a detailed write-up of what actions could (should) the bank manager take if there is an unexpected deposit outflow of $50 million?
Illustrate what principles should guide policy makers. Should they cut spending and raise taxes to reduce the national debt over time. Or does the level of the national debt really matter.
Either design will serve equally well and will involve the same material and manufacturing costs excluding the lathe as well as drilling operations.
Most members of labor unions work in the public sector, industries that are regulated, or industries in which production is concentrated into a few firms.
Suppose that there is a temporary, but significant, increase in oil prices in an economy with an upward-sloping SRAS curve. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price increase, should they i..
Suppose the average driving distance for the 2011 Masters Golf Tournament was 282.5 yards with a standard deviation of 12.2 yards. A random sample of 30 drives was selected from a total of 4,144 drives that were hit during this tournament. What is th..
Elucidate how does a industry conclude its prices also the quantity of labor required in the resource marketplace during a specific period
Explain how would you test the hypothesis that the two population means are the same.
2,000 years ago gladiators fought in the Coliseums of Ancient Rome making huge salaries. Is this an example of a "Winner - Take" all society? Explain how this is still a big part of today’s US or any other typical Western Society. What about a NFL Fo..
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