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Sharifah has the following utility function:
U(X,Y) = √X + √Y where X is her consumption of brownies (pastry), with price PX=$1, and Y is her consumptionof espressos (coffee), with PY=$3. Assume that she has a budget I=$100.
a. Using the method of Lagrange multipliers to derive Sharifah's demand for brownies and espressos. Explain how many brownies and espressos will Sharifah consume? (Partial quantities are possible.)
b. What is the marginal utility of income?
Suppose the owner of the trawler can sell al the fish caught for $75 every 100 pounds also can hire a man crew members as desired by paying them $150 every week.
assume which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze
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PL is the price of unskilled labor in dollars (the wage rate = $6), PC is the price of capital as a percentage, I is family ncome also PS is the price of California oranges.
illustrate what is the real GDP in every yr, given which the price index has risen from 100 to 104.5 in the 1st yr also up to 108.3 in the 2nd yr.
Bud Owen operates Bud's Package Store in a small college town. Bud sells six packs for off-premises consumption.
The financing of a government deficit increases interest rates also, as a result, reduces investment expenditure.
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
What constant yearly rate of inflation would lead to the price rise observed over those two years.
Cameron visits a sporting goods store to buy a new set of golf clubs.
The people of Aquilonia deposited half of their currency into the banking system. If banks do not hold excess reserves
Illustrate what is the condition that determines whether or not the developer should assemble the parcels.
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