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Given the utility function U= AXaY b subject to the budget constraint PxX +PyY = B, show that at the point of constrained utility maximization the ratio of prices Px / Py must equal the ratio of marginal utilities MUx/MUy.
Identify the constituencies these IBM task forces represent.
The federal government is trying to decide what to do with the surplus they expect to have this year. They increase spending on schools. Determine whether the rate rise or fall? Does the loanable funds rise or fall?
A survey of 64 of your fellow classmates determines that 19 of them are bullish on the market while the remainder is bearish. What is the market sentiment index for this group of individuals?
From one year to the next nominal GDP rises and the GDP deflator falls. Which of the following exclusions from GDP suggests that GDP is underestimating our material well-being? Full employment is typically associated with:
A concerned Congress votes to impose a price floor $2 above the equilibrium price. Illustrate what is the new market price.
The aggregate demand and aggregate supply model is a useful simplification of the macroeconomy used to explain short-run fluctuations in economic activity around its long-run trend. Which of the following are reasons that the short-run aggregate supp..
The quantity of pizzas demanded soared the following week from 1 pie an hour to 100 pies an hour. Illustrate what was price elasticity of demand for Domino's pizza.
Use at least one of the four Marshall-Hicks laws of derived demand to explain this difference in effectiveness between the unions.
Who was responsible for the global financial crisis of 2007-2009? Free-Market capitalism, government intervention, or a combination of both? Identify the causes of the crisis, the steps the private and public sector took to resolve it, and what leade..
A consumer has preferences represented by the utility function U(x1, x2) = ln x1 + x2 . Denote prices and income by p1, p2 and I respectively. Write the utility maximization problem and get the first order conditions. Solve the system of equations an..
Don is altruistic. Show the possible shape of his indifference curves between charitable contributions and all other goods. Does this indifference curve violate any of our assumptions? Why or why not?
Describe how the substitution effect and the income effect influence the slope of an individual's supply curve of labor.
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