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You have to decide whether or not it is worth your time to go on a date or to hang out with your friends. Either decision will increase your total utility, but you are constrained by your total income of $160.00. Here is a table of your current situation:
Cost of Date: $50
Cost of Hanging Out with Friends: $30
Date Total Utility Hanging Out with Friends Total Utility
0 0 0 0
1 110 1 110
2 265 2 203
3 394 3 288
4 421 4 352
5 440 5 400
Find consumer optimum. at what point should you go on the date? At what point should you hang out with your friends? Roughly at what point does going on a date equal hanging out with your friends?
If county government offices required that all employees must live within the county limits, what impact would this have on the elasticity of demand for employees of the county government offices?
The market for autographs including letters o other documents signed by famous people is subject to frequent large price changes as are markets for most collectables.
Consider an economy in which the amount of investment is equal to the amount of savings (i.e., the economy is closed to international flows of capital).
Consider a repeated game between a supplier (player 1) and a buyer (player 2). These two parties interact over an in nite number of periods. In each period, player 1 chooses a quality level q ∈ [0, 5] at cost q. Simultaneously, player 2 decides wheth..
Janet Elliot just turned 20 and received a gift of $20,000 from her rich uncle. Janet plans ahead and would like to retire on her 55th birthday. She thinks she'll need about 1$million saved by that time in order maintain her modest lifestyle. How muc..
Firms are competing in the DVD rental market, they have a symmetric inverse demand P=310-Q (N-firm model). Marginal cost for each is $30. What quantity does each firm produce? What profit does each firm receive?
Let us examine the market for smart phones. Assume that the inverse market demand function is given by p = 240-2Q. Initially, firm A and firm B produce at equal unit cost, c0. After investing heavily in R&D, firm A has managed to reduce its unit prod..
Write equations for APL and MPL and graph them on the same set of axes. b. At what level of L is MPL at its maximum level? At what level of L is APL at its maximum level?
A firm making external hard drives has a cost function c(y) = 4y + 1000. Its demand function is y = 200 – 0.5p. a. Calculate the profit-maximizing price and quantity. b. The firm decides to enter the Mexican market. It determines that its demand func..
What are the financial markets and what purposes do they serve? What are financial intermediaries? How do these intermediaries function in the economy? What is a federal government budget deficit? What is the national debt? How does a budget deficit ..
Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping? How can patent encourage invention? Why do we say that a monopoly is inefficient?
A specialty crane used in construction was purchased for $350,000 5 years ago. It is MACRS-GDS 7-year property. Its annual O&M costs are $45,000 increasing by 5%. The remaining useful life is 6-years and the end of the 6-year planning horizon, the mi..
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