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Sally the Greek’s preferences can be described by the utility function U(x, y) = (2x1/2 + y1/2)2.
(a) What is equation for the indifference curve for a utility of 25? (2)
(b) By how much does utility increase when Freddy increases consumption of good y by one (small) unit, when initially U = 25 and x = 4? (2)
(c) Holding utility constant at 25, if initially x = 4, how many additional (small) units of y does Freddy have to consume if his consumption of x drops by 6 (small) units? (2)
Explain how consumer surplus changes when a monopoly price discriminates. Explain how consumer surplus, economic profit, and output change when a monopoly perfectly discriminates.
A small consulting firm is only interested in hiring College graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(..
The LoJack car recovery system allows the police to track stolen cars. As a result, they not only recover 90 percent of LoJack-equipped cars that are stolen but also arrest many auto thieves and shut down many "Chop shops" that take apart stolen vehi..
If typographical errors occur andomly, about how many pagesin book have three typographical errors. What is the median number of typographical errors per page.
Economists say that wages of most countries relative to the US are, for the most part, similar to their productivity relative to the US. Do you think US apparel manufacturers would agree with this?
if demand is perfectly elastic the demand curve is horizontal. if demand for x shifts right as the price of good y increases, then x and y are substitutes. supply shifts rightward if input prices rise. it is possible for an economy to be inside its p..
How is it that China has the 2nd highest GDP in the world and is in the 90th place on GDP per Capita in the world? Is GDP per capita, a decent measure for a country's standard of living, why or why not?
Entrepreneurs do all of the following except:
annual cost of $10,000, and a salvage value of $5,000 after its 10 year life. At an interest rate of 10% per year, what is the capitalized cost of the alternative?
A firm with the ability to affect the price of its product:
If the marginal product of capital is twice the marginal product of labor and the price of a unit of labor is $4, illustrate what must be the price of a unit of capital.
The manager of oconomowoc rock co is under the impression that the average truckload delivered is 4500 lbs. a stockholder contends that this is an overinflated figure to lure new investors. he randomly sampled the records of 25 trucks and found the m..
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