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Suppose that a consumer has an income of $24and a utility function given by: U = 2*log(x) + log(y). The priceof x is $2 and the price of y is $2.
A) Write down the Lagrangean for this consumer's maximization problem. (Use "L" to denote the Lagrangean function and "m" todenote the Lagrange multiplier.)
B) What is the optimal consumption level of x?
C) What is the value of the Lagrange multiplier (m) at the optimal consumption bundle?
A U.S. firm is considering moving its production to Mexico. Its estimated production function is q = L 0.5 K 0.5 . The U.S. factor prices are w = r = 10. The Mexican factor prices are w* = 5, r* = 10. What is the optimal input bundle ( L,K..
Suppose there are 8,000 identical individuals in a market for Latin Dance videos, each with a demand function represented by Qdx=12-2Px, and 400 identical producers of Latin Dance videos, each with a supply function of Qsx=10Px.
A firm produces output according toa production function Q = F(K,L) = min {2K,4L}. a. How much output is produced when K =2 and L = 3 b. If the wage rate is $30 per hour and the rental rate on capital is $10 per hour, what is the cost-minimizing in..
A credit card company wants your business, If you accept their offer and use their card, they will deposit 1% of your monetary transactions into a savings account that will earn a guaranteed 5% per year.
A ride is built and Revenue is projected to be $1 million initially (i.e., at time 0), $1.05 million after the first month, $1.1025 million after the second month, and amounts increasing by 5% each month through the first year.
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..
Inspection equipment costs $2,000 now. The general price inflation rates for the past five years have been 2%, 3%, 4%, 3%, and 4%. What is the real $ cost of the item now
If player 1 moves right, player 1 receives $0 and player 2 receives $15. If both players move left, player 1 receives -$10 and player 2 receives $8. If player 1 moves left and player 2 moves right, player 1 receives $10 and player 2 receives $10.
Where Qd denotes quantity demanded, P denotes price, Y denotes personal income (in thousands of dollars), and A denotes advertising expenditures in hundreds of dollars. ABC's marginal cost function is given as MC = 21 + 4Q Assume Y equals 3
In the economy of Cape Despair, the subsistence real wage rate is $15 an hour. Whenever real GDP per hour rises above $15, the population grows, and whenever real GDP per hour of labor falls below this level, the population falls.
what it is doing, given its high cost. You consider paying them some amount per period so that they would stop producing in this market. Based on (b) and (c), what is the highest amount you are willing to pay them per period, including any transac..
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