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Suppose David spends his income (I) on two goods, x and y , whose market prices are p x and p y , respectively. His preferences are represented by the utility function u ( x;y ) = lnx + 2 lny ( MU x = 1 =x;MU y = 2 =y ). a. Derive his demand functions for x and y . Are they homogeneous in income and prices? b. Assuming I = $60 and p x = $1 , graph his demand curve for y . c. Repeat part (b) for the case in which p x = $2
Compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
The government is considering increasing the tax on gasoline by $3 per gallon and has asked you to determine the impact on Janet's consumer surplus. Janet spends 5% of her income on gasoline and her utility function is Cobb-Douglas.
Explain what short-run impact immigration is likely to have on natives' wages and employment when immigrants are a) substitutes to natives and b) complements to natives. Explain also the so-called immigration surplus for the short-run case.
Farmers are often heard to complain about the high costs of machinery, labor, and fertilizer, suggesting that these costs drive down their profits
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours per day. Calculate, and in your diagram, identify, Lorne's quantity of leisure, supply of labour, and consumption. What is the price of leisure
Engel curve for soccer tickets.
Suppose that the probability that a used bike is a lemon (low quality) is 'p' and the probability that a used bike is a plum (high quality) is '1-p'. If a buyer is willing to pay $H for a plum used bike and $L for a lemon used bike,
A crucial assumption in this example is that the incumbent must charge the same price to all consumers and the entrant can target a subset of the customers. Is this example useful for thinking about markets where prices are negotiated? Why or why not..
If the product price is $4 per unit and the price of the factor of production is $80 per unit, the profit-maximizing quantity of the factor is____ unit(s).
1. munger and interviewer roberts begin by presenting a paradox. what do they mean when they say that firms are
howard bowen is a large-scale cotton farmer. the land and machinery he owns has a current market value of 4 million.
What is absolute advantage What is comparative advantage Is itpossible for a country to have a comparative advantage in producinga good without also having an absolute advantage
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