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There are two consumers, A and B. A's preferecne is represented by uA(xA1,xA2)=4ln(xA1)+3ln(xA2) and B's preference is represented by uB(xB1,xB2)=3ln(xB1)+5ln(xB2). A's initial holding is (wA1,wA2)=(12,4) and B's initial holding is (wB1, wB2)=(8,16).
Establish the equation which describes the contract curve (the set of efficient allocations) in terms of (xA1, xA2).
Suppose the interest rate on British and US bonds is the same (5 percent) and the expected future exchange rate (dollars per pound) is $1.52 per pound. Now the interest rate on British bonds suddenly rises to 10 percent.
MUA is the marginal utility of agriculture consumption and MUM is the marginal utility of manufacturing consumption. Use the condition that MUA/MUM = PA/PM, together with the fact that the total value of country's consumption must equal the total ..
a. Is the assumption that more is better satisfied for both goods b. What is the MRS for this utility function c. Is the MRS increasing, decreasing, or staying concstant as the consumer substitutes X for Y along an indifference curve
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..
Net present value: Kingston, Inc., is looking to add a new machine at a cost of $4,133,250. The company expects this equipment will lead to cash flows of $814,322, $863,275, $937,250, $1,017,112, $1,212,960, and $1,225,000 over the next six years.
The probability that a telephone call lasts no more than t minutes is often modeled as an exponential cumulative distribution function F(t)={(1-e^(-t/3), t?0,@0 otherwise.) a) What is the probability density function of the duration in minutes of a..
Q 1 5 20 bags. Q 2 5 15 bags. Q 3 5 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of ..
An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..
Suppose that market demand is given by Q = 10 - 0.01P in which Q is the quanity of a good given in million units, and P is the price of the good given in $ per unit. In the long-run, a typical producer faces average cost AC = 9 + 2Q and marginal c..
a.) Draw and label a second budget line that shows what happens when the price of the CS rises to $10. b.) Draw and label a third budget line that shows what happens when the price of a CD rises to $10 and Parvez's income rises to $240
Suppose you inherit $10,000 and decide to use the money to start a lawn-care business. You purchase a truck and a mower for $10,000 and start mowing lawns. Your annual cost for fuel and other supplies is $2,000.
Suppose a person with an income of $60,000 per year rents 52 movies per year at a price of $1 per movie. When the person's income rises to $65,000, he or she rents 63 movies per year at the same price per movie. What is the implied income elastici..
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