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Lou's preference over pizza(x) and other goods(y) are given by U(x,y) = xy, with associate marginal utilities MUx=y and MUy=x. His income is $120.
Initial Prices: Px=4 Py=1
Calculate his income and substitution effects of a decrease in the price of food (Px) to $3.
Determine which is true of leakages and injections in the circular flow, the consumer price index measures changes in
The highest valued alternative sacrificed as a result of a choice is: Answer the opportunity cost, which can be objectively measured by anyone. the opportunity cost, which can only be subjectively measured by the individual who chooses.
In the context of a supply demand diagram of low skill labour market, a minimum wage above competitive equilibrium will decrease employment relative to competitive equilibrium.
The individual demand curves for food for 2 households. These are household A and household B. The demand for household A for food is given.Calculate the market demand for food.
A monopolist faces market demand given by P = 200 – Q. For this market, MR = 200 – 2Q and MC = 3Q. What quantity of output will the monopolist produce in order to maximize profits?
Suppose you have just been appointed to the Federal Open Market Committee of the Federal Reserve. Your advisors report that the economy is growing slowly. Real GDP is at an annual growth rate of 0.01%. Unemployment is rising rapidly
Suppose at current factor prices a country's manufactures use 60 hours of labor for each acre of land and food is produced using only fifteen hours of labor per acre of land. If the economy's total resources are 1800 hours of labor and 180 acres o..
How income may change savings behavior
Show that leisure must be a normal good for the labour supply function to be downward sloping.
The Crank Yankers DVD season two has been a hot seller during recent weeks. An examine of weekly demand shows:
Describe what your chosen state can do to increase the supply of nurses. Include at least one appropriately cited and documented quotation to support a point.
Assume you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50%. Currently, your ATR is 35%. Calculate your annual tax.
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