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Suppose Jane buys only two goods X and Y , and she spends an income I on these two products. Suppose the price of X is px and the price of Y is py. She derives utility by consuming X and Y. The amount of utility she gets by consuming x units X and y units of Y is given by the utility function U(x, y) = xy.
2. Determine her demand curve for X.
3. How would your answer change if her utility function is U(x, y) = x + 2y?
Suppose you are to specify a short-run total variable cost function for a nursing home. Explain the variables you would include in the function.
The profitability of the leading cola syrup manufacturers, PepsiCo and Coca Cola, and of the bottlers in the cola business is dissimilar. PepsiCo and Coca Cola enjoy 81 operating profit as a percentage of sales; bottlers experience only 15 operating ..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Perform residual analysis using time series plots, autocorrelation analysis, histogram and a normality plot to determine if the residuals are random. Show the graphs.
you are hired by farmer vin a famous producer of bacon and ham to test the possibility that feeding pigs at night
suppose the equation for the demand curve for some product x is p 8 - .6q and the supply curve is p 2 .4q. what are
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
Describe the market growth rate for product and service.
Economies of Scope) Distinguish between economies of scale and economies of scope. Why do some firms produce multiple product lines, while others produce only one?
write an essay economic crisis in europe? explain it. write an essay with including references and total 2000 words.
Presume the own price elasticity of demand for good X is -5, its income elasticity is 1, its advertising elasticity is 3, and the cross-price elasticity of demand among it and good Y is 4. Decide how much the consumption of this good will change if:
1. which of the following is a basic question for an economic system?a. for whom goods and services are produced.b.
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