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Suppose that Susan has a utility function U(D,F) = 10DF , where D is days of domestic travel, and F is days of foreign travel. Let the price of D be 100, the price of F be 400, and total income for travel be 4000.
a) What is the set of market baskets that exhaust all of Susan's income? Draw Susan's budget line.
b) What is the set of market baskets that give Susan a utility level of 1000? Draw Susan's indifference curve at utility level of 1000
c) What is the marginal rate of substitution of D for F when Susan chooses D and F to maximize her utility?
d) What are the choices of D and F that maximize Susan's utility given her budget constraint?
Clearly summarize the reason oil prices are plummeting. Analyze using economic concepts of supply and demand. Use additional resources to back up your argument.
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A decrease in the Discount Rate is an indication that monetary policy is contractionary.
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Using the Taylor Rule, calculate the Fed Funds target rate, given the information below. (Note: Enter your answer to the nearest two decimal places, and DO NOT INCLUDE a percentage sign. Ex.: If your calculated answer is 3.7543, enter 3.75): -equilib..
There is no evidence that the bar owners ever directly communicated. Do you think this is a violation of Section 1 of the Sherman Act?
Analyze the differences and similarities among firms for two different market structures: Monopoly and Monopolistic Competition. Clearly demonstrate how both types of firms determine the quantity (Q) to produce that maximizes profit.
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $250..
Recently American Airlines started charging $15 for each checked baggage. Why did the company simply not charge $15 to $20 more per ticket, and quietly avoid this publicity? responses to this topic.
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