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1) You are choosing between two goods, X and Y, and your marginal utility from each is shown in the table below. If your income is $9 and the prices of X and Y is $2 and $1, respectively, what quantities of each will you purchase to maximize utility? What total utility will you realize? Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase?
2) The utility-maximization model assumes that the typical consumer is rational and acts on the basis of well-defined preferences. Because income is limited and goods have prices, the consumer cannot purchase all the goods and services he or she might want. The consumer therefore selects the attainable combination of goods that maximizes his or her utility or satisfaction.
calculate the equilibrium number of visits, and total expenditures. b) Suppose that the consumer purchases an insurance policy that allows her to pay a 25% coinsurance rate. Calculate the new equilibrium number of visits and the total expenditures..
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Assume that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels.
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Consider a purely probabilistic game that you have the opportunity to play. Each time you play there are n potential known outcomes x1, x2, ..., xn (each of which is a specified gain or loss of dollars according to whether xi is positive or negati..
Compute the AE function and plot it in diagram. What is total autonomous expenditure? What is slope of the AE function?
When economists with different political views do cost or profit comparisons, they often reach different decisions. If their analysis is based on objective costs and valid techniques, why would not they reach similar decisions,
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