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1. Consider a decision maker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decision maker always wants as many apples as possible. Find a utility function that represents this preference. (b) Suppose the decision maker always wants as few apples as possible. Find a utility function that represents this preference. (c) (A bit trickier) suppose the decision maker’s ideal number of applies is 3, and he is indifferent between m < 3 apples and 6 − m. Find a utility function that represents this preferences.
Based on what you have studied so far in this course, discuss and describe some aspects of macroeconomics that an be useful in your future (...yes, it can be aything we discussed in this course - Macroeconomics). Your discussion should be more than h..
q1. when the price of ketchup rises by 15 the demand for hot dogs falls by 1 b are the goods complements or
Discuss the individual firm's Marginal Cost, Averaged Cost and Average Variable Cost functions, and use this to calculate industry supply.
Suppose that the government and the Federal Reserve have conflicting goals. The government wants to encourage economic growth by. But the Federal Reserve wants to decrease inflation by.
Felix Jones, a recent engineering graduate, expects a starting salary of $65,000 per year. His future employer has averaged 5% per year in salary increases for the last several years. If inflation is estimated to be 4% per year for the next 3 years, ..
people who want to borrow to finance their investment spending. How are savers and borrowers brought together.
mission or vision and processes of the school/ISD?
Crusty Cakes sells donuts in Eastown and Westown. Its total costs are given by TC = 10(Qe+Qw). The demand in each neighbourhood is given by Qe = 100 - 2Pe and Qw = 100 - Pw. If Crusty price discriminates between the two neighbourhoods, how much are i..
Assume that the price of x is $2 and the price of y is $1 and Brian has an income of $10. How much does he consume of each good? Assume Brian's income increases to 20$, calculate his demand for each good and explain whether Brian considers x and y to..
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
q.assume that you live in a simple economy in which only three goods are produced and traded fish fruit and meat.
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers?
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