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Consider the Cobb Douglass utility function U(X, Y) = X^(1/6)Y^(5/6) of a typical student. X denotes time spent studying and Y denotes time spent socializing. Use calculus in your answer.
A. Is the "more is better" assumption satisfied for both goods?
B. Is there diminishing marginal utility for both goods?
C. Is there a diminishing marginal rate of substitution?
An increase in the price of an input leads to higher costs and therefore less profit at the original quantity produced; therefore, some firms will increase the quantity they produce in order to increase revenues.
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
A firm’s costs are 500 when output is 100. If the TC function is linear and fixed cost (FC) are 200, find the marginal cost when Q = 4, 5 and 6.
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Major events in our country and around the world tend to have economic advantages for some segments of society and disadvantages for others. Determining who benefits can be tough for negative events
The Federal Income Tax Base and Policy Alternatives
What is the corresponding stock variable to the flow variable "investment"
Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the diffeence in approaches and describe the impact these differences have on excess quantity of labor supplied.
1. a friend of yours inherits her grandparents printing company. the capital stock of the company consists of
Discuss how organizational architecture and corporate culture are related. Use an example of a real-life firm and discuss how its corporate culture blends with its organizational architecture.
LG electronics plans to invest $30 million by 2010 to make this happen with the hope that the cost savings and reduction in risks associated with vertical integration justify the investment.
What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.
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