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1. Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function.
2. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for goodx and y when I=100 and Px=1=Py.
The economic value which can be created by a transaction between two people, Ed (seller) and Luis (buyer), is $50 as Ed's opportunity cost of selling is $135 and Luis' valuation of the good is $185. If each gains $25 from this transaction,
Constrained optimisation model
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labo
You need to analyze for a hypothetical example whether John Deere should use Technology 1 (Own Production), Technology 2 (Versatile), or whether it should stop producing four-wheel-drive tractors based on the quantity the company predicts it woul..
A copper mining operation discharges waste products into a river and causes higher costs and discomfort to downstream users of the water.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
Prepare a 2 page paper using APA format discussing Airline Ticket Prices.Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and cost curves.
Unemployment insurance, because it allows people to spend more time searching for a job than they would otherwise be able to, can increase the natural rate of unemployment. Is this something that policymakers should be concerned with
ABC is monopoly seller of aluminum in United States and sells no aluminum on world market. It sells aluminum domestically for $2500 per ton and its average expense is $2200 per ton.
Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market
21st Century Pen Inc. produces 2000 pens per day, and hires 20 workers at a cost of $200 per day per worker. The price of each pen is $5 each. 21st Century Pen Inc. pays a daily rental rate of $60 on its factory and a daily insurance rate of $20. ..
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
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