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Humphrey and Lauren are splitting 10 gallons of soda and six pounds of popcorn. Let’s represent Humphrey’s preference with the utility function UH = 3SH + PH and Lauren’s preferences with UL = 2SL + 4PL, where SH and SL indicate their soda consumption, while PH and PL indicate their popcorn consumption. Consider the social welfare function W(UH,UL) = UH + UL. According to this social welfare function, which of the following two allocations is better: (1) SH = 1, SL = 9, PH = 2, and PL = 4, or (2) SH = 5, SL = 5, PH = 3, and PL = 3? Which allocation does each consumer prefer? Considering all possible allocations, which is the most socially desirable? [HINT: How is social welfare affected by shifting a gallon of soda between Humphrey and Lauren? What about a pound of popcorn?]
A producer of synthetic motor oil for automobiles and light trucks has made the following statement: "One quart of Dynolube added to your next oil change will increase fuel mileage by two percent. Assume the company's claim is correct. How much money..
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?
US Airways owns a piece of land near the Pittsburgh International Airport. The land originally cost US Airways $375,000. The airline is considering building a new training center on this land. US Airways determined that the proposal to build the new ..
Please identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. A definition of the measures used to determine econom..
Depict this data with a Pareto chart. Also depict cumulative complaint line. What percent of total complaints can be attributed to most prevalent complaint.
What are the short-run equilibrium values of the price level, expected price level, output, and unemployment rate. Illustrate what are the values of cyclical unemployment and unanticipated inflation.
An office supply company has purchased a light-duty delivery truck for $15,000. It is anticipated that the purchase of the truck will increase the company’s revenue by $10,000 annually, while the associated operating expenses are expected to be $3,00..
In the early 1980's President Reagan and Prime Minister Margaret Thatcher promoted neoliberal ideas to unleash new investments and economic growth. What was the basis of many of these policies and how well does it work today?
Review the discussion in the lesson regarding the financial crisis. Discuss each of the following points. Use sources from the ITT Tech Virtual Library to add to your answer.
Whenever there is an outflow of funds from any of the balance of payments accounts, it is recorded as a __________ , and called _______ .
Read the "Production and Cost Analysis in the Fast-Food Industry," Case for Analysis located below. Identify how the Law of Diminishing Marginal Returns set in for the production process, and how management responded to this situation.
describe how the US oil companies can remain competitive in the US market when over 35% of crude oil is currently sourced from domestic deep water drilling.
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