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Amy has a utility function:
u(x,y,z)= x+2lny+lnz
(a) What kind of preferences does Amy have? Explain. What does this mean for her demand functions?
(b) Derive her demand functions when she has income M and faces prices px, py , pz.. Explain your steps in deriving the demand functions.
(c) Find the income, own price and cross price elasticities of good y. Explain whether the good is normal, ordinary and a substitute or complement of the other goods in demand.
One of the major problems facing Cisco Systems and other direct sellers is
Explain the factors of production and give an example for each one and what is the difference between a normal good and an inferior good? How does this relate to the demand curve
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a pollutoin control agency is considering the following rgulatory policies: (i) taxing the use of one input that increases pollution. (other inputs affect pollution too, both increasing and decreasing it) (ii) taxing the final goods that firms pro..
Suppose the demand for a product is given by P = 40 4Q. Also, the supply is given by P = 10 + Q.? assume that there is a $10 per unit excise tax levied on the consumers of the product?
"Some economists worry that the aging populations of industrial countries are going to start running down their savings just when the investment appetite of emerging economies is growing" (The Economist, May 6, 1995)
Assume the firms in an oligopoly produce a differentiated product and are initially colluding. If each firm begins to cheat (to increase sales) by underpricing the other firms, as the amount of cheating increases
You know that the income elasticity of demand for doughnuts is equal to 1.2 You read in the newspaper that the economy has entered a recession
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.Hourly Wage Hours per week
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