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Q. Assume a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Assume PX = 1 and PY = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph must accurately draw budget restrictions for each income level and specifically label the bundles that the consumer chooses for each income level. Also, for each bundle that the consumer chooses, draw the indifference curve that goes through that bundle. Label your graph accurately as well as carefully.
At a separating perfect Bayes-Nash equilibrium, what is the maximum amount of advertising that a restaurant conducts. What is the minimum amount.
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
Identify those who gave us the concepts of monopsony and human capital.
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The firm's average variable costs and average fixed costs per month are R200-00 and R500-00, respectively.
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