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Marcus’s utility function is U(X, Y) = (X + 2) (Y + 1). a. Write an equation for the indifference curve that goes through the point (2, 8). b. Graph the indifference curve for U=36 c. Let Px=Py=1 and m=11. Draw Marcus’s budget constraint in the graph from part (b). Can Marcus achieve a utility of 36? d. What is Marcus’s marginal rate of substitution at the bundle (X, Y)? HINT: and e. Set the value of the MRS equal to the price ratio (based on the prices given in part c). What equation do you get? f. What is the equation for the budget constraint (based on information in part C)? g. Solve these two equations for two unknowns (X and Y). What is Marcus’s optimal consumption of X? What is his optimal consumption of Y?
Case Study - Technology and Economic Change and what are the causes of economic growth in potential output in the long-term? Apply the theory to illustrate and explain your answer with an example.
Consider a labor market where the demand for a particular category of labor is given by the equation LD = 20 – 2W. Suppose that the supply curve of workers in this market who are also native-born citizens is given by LN = 2W, while the supply curve o..
Think about the demand for the three popular game consoles: XBox, PS3, and Wii. In each of the scenarios below, briefly describe the effect on (a) the demand for XBox games and (b) the quantity of XBox games demanded
How is the own-wage elasticity of labor demand for unskilled workers affected by the elasticity of supply of other factors of production (such as skilled labor and capital equipment)? Explain.
When a firm has the opportunity to add a project that will utilize excess factory capacity (that is currently not being used), which costs should be used to help determine if the added project should be undertaken?
What must the CFO expect about the Australian Dollar/US$ exchange rate 1 year from now if she chooses to invest in the US $ CD's instead of the Australian CD's.
The NCAA has often been called an “incidental cartel. ”What is an “incidental cartel?”How has the NCAA exercised its cartel power? Give two distinct examples.
How does the president most directly influence the Federal Reserve System? The Federal Reserve includes twelve. Which is an example of a natural monopoly? Which of the following circumstances usually comes before a period of economic contraction?
Suppose autonomous consumption is $500, government spending $1,000, panned investment is $1,250, and net exports are -$250 and the MPC is 0.8. What is the equilibrium value GDP?
Assume company X deposits 100,000 in cash in Commercial Bank A. If no excess reserves exist at the time this deposit is made and the reserve ratio is 20%, Bank A, by itself, can initially increase the money supply by a maximum of?
Consider how the economy may be influencing your life. What has the most impact on you? Has a similar economic condition happened in the past? What is the likelihood it could happen again? What should you do to prepare for the next period of economic..
Illustrate what is the total number of wells which maximizes the sum of the profits of both firms.
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