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Consider the utility functionu(x1, x2) = (x1 - 2)(x2 - 3),with accompanying budget constraint p1x1 + p2x2 = m.
1. Draw an indifference curve for this utility function.
2. Form the associated Lagrange function and find the associated first-order conditions for maximizing this utility function subject to the constraint.
3. Find the Bordered Hessian for this constrained maximization problem. State the sufficient second-order conditions and verify that they hold.
4. Solve the first-order conditions to find the demand function for good x1. Are goods x1 and x2 substitutes or complements? (To answer this question, take the appropriate derivative and see whether it is positive or negative.) Does consumption of x1 increase or decrease in income. (Again, answer with a derivative.)
Assume that there are many countries capable of producing two goods, and that each country has only one factor of production, labor.
Differentiate between personnel management and human resource management. Let the distinction be as specific as possible.
Consider a market-clearing economy in which output (Y 1 )depends only on the capital stock (k 1 ) and an exogenous productivity variable ( θ1 ) according to the production function y1 = θ 2 f(k 2 ).
Explain why the Fed can attempt to target either changes in the money supply or changes in interest rates, but not both. Your response should be at least 75 words in length.
Suppose production of this good imposes external costs of $10 for each unit produced. Does this cause an over or an underallocation of resources to production of this good
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
the firms such as monopolies or those under imperfect competition sell different or "differentiated" products. They have to select the price which suits them best, presumably ones which maximize profits.
What action has our government taken in order to provide this good or service in an equitable fashion?
Watch the movie “A Beautiful Mind”. Pay attention to the scene where Nash argues for an optimal equilibrium (the bar scene). Would you say that his “equilibrium” constitutes Nash equilibrium? Explain.
Graph Real GDP and the employment level for this economy. Please measure real GDP on the y-axis and employment on the x-axis. For this question it is fine to present your answer as an Excel Graph (hint: this is much easier to do with a program lik..
Are you for or against free trade Are you for or against NAFTA What is the economic basis for trade Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource difference..
In a leading publication your read this statement: "There are also increasing expenses for commodities, such as barley, aluminum, and glass, making it important to gain economics of scale." Sometimes industries get so big that they create shortages..
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