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Consider a consumer who has an experienced utility function given by . Let denote the market price of good , and assume that it remains fixed throughout the problem. The company selling the good starts an advertisement campagin that has the following effect on the consumer: he makes decisions as if maximizing a decision utility function given by .Write down the expression for the difference between the consumer demand and his optimal level of consumption.
nGDP is $5 trillion in Yr 1 and $5.4 trillion one year later. What is the GDP growth rate? B) If rGDP in Yr 1 was also $5 trillion what can you say about Yr1? C) If rGDP grew 5% between Yr. 1 and Yr. 2 what did GDP prices do?
Illustrate what is the minimum national loss if Canada is a small country that can not affect the world price.
A profit maximizing firm produces three products X, Y and Z. The firm has no costs. There are three customers 1, 2 and 3. What will be the price of each product if the firm decides to sell them separately?
Relate to the previous task also define for both examples the current market situation - Surplus or Shortage.
Elucidate this point of language so that it is understandable to someone untrained in economics.
The total operating revenues of a public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1 dollar and the price elasticity of demand for public transportation has been estimated t..
The government places a price floor on milk which is below the current equilibrium price of milk. The number of children who drink milk and the number of farmers who produce milk increase at the same time.
Assume you are the general manager of a concrete mixing and delivery facility located in Texas. Your company purchases the raw materials for concrete, mixes the concrete according to customer specifications,
The treasurer of a U.S. firm noted that although short run deposits in Swiss bank accounts had earned the company only a 3% annualized return when measured in Swiss francs, in dollars the company had realized a 12% rate of return.
Illustrate what is the number of kilowatt hours of electricity produced and what is the price that the company will charge.
Relationship among consumption expenditures and inventories as well as their interdependence, and think in terms of the Multiplier.
What is the maximum amount of new loans that this bank can make and assume that the bank makes these loans. What will the new balance sheet look like?
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