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Suppose Alan’s preferences are described by the utility function:
U(x, y) = ln(x) + 2ln(y)
a. Find Alan’s MRS.
b. Find the equation for Alan’s indifference curve through the bundle (3, 6).
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of this income distribution. Do the top an..
Create an 3-6 page report, that includes an explanation and/or examples of: A circular flow diagram that includes the government sector. For this part of your paper, you should include a description of the roles that each participant plays in the eco..
Viennese artist Gustav Klimt's Portrait of Adele Bloch- Bauer was sold in New York for $135 million. Illustrate using supply and demand curve.
Purchasing Power Parity (PPP) implies that
Distinguish between resource market and product market in circular flow model. In what way are businesses and households both sellers and buyers in this model. What are flows in circular flow model.
Find out the Nash equilibrium prices of the procedures at the hospitals. Do the merger result in price increases.
If a country's Central Bank purchases assets (e.g., bonds from banks), the economic result is:
Suppose the relationship between Demand for good x (Qx) can be described by the following linear relationship
Explain how quantity of labour to be hired and wage rate would be determined if input market is perfectly competitive. output market may be either perfectly competitive or imperfectly competitive.
q.a social scientist claims that the average adult watches less than 26 hours of television per week. he collects data
Suppose the market for operating systems were perfectly competitive. What price would be charged? How many would be sold? Would the firms in this industry be profitable?
The US put a specific tariff of €10 on European widgets. Calculate the new equilibrium quantity and price as well as the new Monopoly's profit.
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