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Harry Mazzola, who consumes only corn chips and french fries. His utility function is u(x1, x2) = min{x1 + 2x2, 2x1 + x2} where x1 is his consumption of corn chips and x2 is his consumption of French fries.
a) If the price of corn chips is p1 = 3, the price of french fries is p2 = 2, and income is m = 10.How many units of corn chips and how many units of french fries should he consume to maximize his utility subject to this budget?
b) What if the price of corn chips is 1, the price of french fries is 3, and Harry’s income is 6. How many units of corn chips and how many units of french fries will Harry consume?
c) At what prices will Harry consume only corn chips and no french fries? At what prices will he consume only french fries and no corn chips?
Illustrate what is the fed funds rate in the banking system. Explain how the Fed manipulates this rate in order to achieve macroeconomic objectives.
The GDP deflator is a good cost of living index. GDP is more volatile in the short-run than the long-run. All government spending is in GDP. If GDP is adjusted for purchasing power, the US usually improves its relative position.
Suppose that households in the US switched some of their wealth out of their checking accounts and into short term bank CD's. If banks use all excess reserves to support increased lending, what is the effect on this household behavior on the overall ..
please answer all questions.nbsp to get partial credit for incorrect answers please show your work.nbsp to get full
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If mortgage rates rise from 5% to 10% but the expected rate of increase in housing prices rises from 2% to 9% , are people more or less to buy houses. IRs was lower in the mid-1980s than in the late 1970s, yet many economists have commented that real..
Imagine the hourly production for tuna cans is given by q = 6K + 4L. Assuming capital is fixed at 6, how much L is required to product 60 tuna cans per hour? Assuming capital is fixed at 8, how much L is required to product 60 tuna cans per hour?
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. Calculate the daily sales ..
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