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Use the following to answer the questions below:
z is the marginal utility per dollar, x is the amount spent on product A, and y is the amount spent on product B.
Assume MUA = z = 10 x and MUB = z = 21 2y.
Assume that the consumer has $10 to spend on A and B; that is, x + y = 10.
(a) What is best way to allocate the expenditure of the $10?
(b) What is the marginal utility per dollar in the optimal allocation?
England can produce 50 units of wine if it produces no cloth, and 100 units of cloth if it produces no wine. Using this information, we can conclude that.
If there were 30 million employed Theralanders and Theraland had a job-separation rate of 15% per month, explain how many people would find jobs each month.
Suppose the demand for apartment rentals in Los Angeles is Q = 1000 - P and the supply of apartment rentals is Q = 4P. What is the equilibrium price and quantity of apartment rentals in LA? Suppose the government imposes a price ceiling of $150. What..
Academic researchers usually develop more complex also eworkerate models than applied researchers.
What is the smallest per product unit subsidy that must be paid to the monopolist in order to induce it to produce 7 units of its product?
Describe the innovation life cycle proposed by Abernathy and Utterback. Does the model provide a useful tool to guide and manage the innovation process? Do you see any weak points in the model?
Federal Express (a package company) lobbying the U.S. Department of Transportation to increase annual terminal fees at airports. Sailboat manufactures lobbying to increase the tolls on New York City’s George Washington Bridge.
q1. in the absence of a price floor the maximum price that a few of the consumers are willing to pay is 0.20 for a
Which of the following is not part of the index of leading economic indicators?
Summarize the arguments as to why we should not worry about the very large size of recent and current Federal deficits and our National debt. Deficits naturally occur with business cycles. Deficits can be used to lower unemployment now. Deficits spen..
Explain how much consumer surplus exists in this market. If a $2.00 excise tax is levied on this good what will happen to equilibrium price and quantity.
A monopolist faces demand given through: P=100-4Q and has marginal costs given through: MC=10+2Q Create the demand, marginal revenue and marginal cost curves. Compute and demonstrate how much this firm will sell and what it will charge.
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