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A consumer's preferences over two goods are represented by: U(x1, x2) = (x1^2)(x2^3)/100 The prices are P1 and P2, and an amount of money E can be spent on these goods. a) Show that the two uncompensated demand functions are: x1 = 2E/5p1 and x2 = 3E/5p2 b) How do you know that these demands maximise utility rather than minimising it? c) Suppose that p1 = $4, p2 = $5 and E = $100. Use the results in a) to find the optimal quantities demanded of the tw0 goods, and the resulting amount of 'utils' obtained. Assume that both goods are divisible, so fractions are possible
A nation with a large current account deficit is consuming more than it produces or living beyond its means. Is this necessary bad? What is your judgment for the United States?
A monopolist's demand function is P = 1624 - 4Q, and its total cost function is TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. D) The total profits will be maximized at P =?
The inverse demand for a product is P(Q) = 100 − (1/2)Q. Production is associated with a marginal private cost, MCP (Q) = Q, and a constant marginal external cost, MCE = 25. Graph inverse demand, marginal revenue, marginal private cost, and marginal ..
Suppose you win the lottery with a jackpot of $20 million. But that’s $20 million if you wait 20 years to get your payout. What is the value you could get today if the interest rate is 6%?
Identify and briefly explain in your own words three specific macroeconomic topics or ideas that you found to be the most important and/or most interesting. Be specific, and explain.
Given the arguments relating to the new trade theory and strategic trade policy, what kind of trade policy should business be pressuring government to adopt?
?According to Keynes, market economies:
Would you expect expansionary fiscal policy to make interest rates in the economy higher, lower or unchanged? Sketch a diagram of the market for borrowing and lending in the economy to illustrate your answer. How will the affect on interest rates tha..
Suppose you are in charge of setting the price for commercial advertisements shown during Enemies, a top network television show. There is a 60-minute slot for the show. However, the running time for the show itself is only 30 minutes. Suppose that t..
Inductive arguments support conclusions and are described as stronger or weaker. What is meant by that description? The mode of persuasion that Aristotle defined as ethos refers to arguments based on what?
Assume that the multiplier in a country is equal to 4 and that autonomous real consumption spending is $1 trillion. if current real GDP is $12 trillion, the current value of real consumption spending is $ ______ trillion.
Firm 1 and Firm 2 compete in an industry and must decide whether to introduce an upgrade to their existing products. The nature of the strategic interaction is described by the game box, where (Y) means “upgrade” and (N) means “do not upgrade”. Draw ..
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