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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.
Compare the incentives of a deficit nation to undergo international adjustment against those of a surplus nation. Determine who would benefit more and explain your reasoning.
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
Explain why the payoff matrix in Problem 1 indicates that firms A and B face the prisoners' dilemma Why The optimal strategy for firm A and firm B in problem 1(c) is to adopt its dominant strategy of charging a low price.
hormone free dairy milk has been found to be potentially more beneficial and healthy. consider the market for this
Charles decides to go to an operabecause he does not want to waste the $100 he spent on the nonrefundable and nontransferable opear ticket, despite the fact that he would prefer to forgo the opera and go to a concert with Bette on the same night.
The government adopts a tax increase and cuts spending to reduce the budget deficit and the government adopts a "fiscal stimulus" by increasing its spending on infrastructure
Discuss and explain the major barriers to entry into a industry. Describe how each barrier can foster monopoly or oligopoly.
after two quarters of increasing levels of production the ceo of canadian fabrication amp design was upset to learn
mary expects to retire in five years. she is considering one of three possible career changes. each has different costs
problem 1. perfect substitutes productionthe firms technology is such that one unit of output can be produced either
Describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
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