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Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y).a. Derive his demand functions for x and y. Are they homogeneous in income and prices?b. Assuming I = $60 and px = $1, graph his demand curve for y.c. Repeat part (b) for the case in which px = $2.
Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much labor ..
If Sandwiches To Go Inc. buys all the sandwich producers and cuts production to 100 sandwiches an hour, what is the deadweight loss that is created?e. If in part d, Sandwiches To Go Inc. rations sandwiches to two per person, is this distribution of..
Overheard at water cooler: My regression model of demand is better than one that the consultant prepared for us because it has a higher R2.
Use a Keynesian 45-degree diagram to show the effect of an increase in government spending and how could a reduction in tax rates increase government's tax receipts?
Economic growth, as examined through raise in real GDP per capita, is a target for most countries. This is often interpreted as an raise in economic welfare for citizens.
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
Analyze the current status on foreign exchange rate, producer price index including descriptions of current status and graphs with APA guidelines.
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
The prices of five computer stocks increased by 37.2 percent, 1,140.0 percent, 2.7 percent, 842.0 percent and 0.95 percent, respectively since 1990.
State what is its distribution under the null and why and explain the conditions under which you would reject H0
If a person borrows $12455.37 and agrees to pay it back in 60 monthly installments of $550.55, determine a) effective interest rate paid (corresponding with payment frequency units). b) nominal interest rate paid. c) effective annual interest rate pa..
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value, Compensation of employees $216.2, U.S. exports of goods and services 19.8, Consumption of fixed capital 11.8,Gover..
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