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Suppose an individual's utility function over consumption of X and Y is given by
U(x,y) =(x ? 10)^(1/3)y^(2/3)
where x and y are respective amounts of goods X and Y consumed. We interpret 10 as the minimum level of X such that the individual is alive
and well. Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px
Derive the demand for good X and the demand for good Y as functions of the two prices and income.
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function.
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Calculate the number of physicians, per thousand population in Canada, from 2002 to 2005. What conclusions can be drawn about the physician coverage of Canada's opulation?
Brief history of the automotive industry, an automotive industry overview, and a SWOTT (Strengths, Weaknesses, Opportunities, Threats, and Trends) analysis of the automotive industry.
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Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
Can anyone discover how the Consumer Price Index (CPI), primary measure of inflation used through the government, is computed?
A company obtained $500000 for a necessary technology from a venture capitalist who charges them 24% compounded monthly. the agreement calls for no payment until the end of the first month of the fourth year, with equal monthly payments thereafter..
Assume that the unemployment profits provided through the private sector are raised permanently,
Describe the difference between a movement along the demand curve and a shift in demand and determine what factors cause the supply curve to shift? describe each factor.
Quotas imposed on Japanese imports into the United States tend to: penalize both U.S. consumers and Japanese consumers. benefit both U.S. consumers and Japanese consumers.
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