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Suppose Bob has a utility function u(x,y) = LN(x) + (y/4) Suppose the price of x is px = $2, the price of y is py = $1, and Bob's income is m = $8. a. Show that the marginal rate of substitution as a function of x & y is 4/x. b. Set the MRS equal to the price ratio to find the income-consumption curve. c. How many units of x and y will Bob buy? d. Suppose the price of y increases to 2. How many units of x and y will Bob buy? e. Suppose the price of y increases to 3. How many units of x and y will Bob buy? f. Would your answers to parts a-e change if his utility function were u(x,y)= 4 Ln(x) +y? Why or why not?
A company is considering new automated cleaning equipment. The engineer for the company has been asked to calculate the present worth of the proposed alternative.
A friend of yours just bought a new sports car with a $4500 down payment, and her $27000 car loan is financed at an interest rate of 0.50% per month for 48 months. after 2 years, the "blue book" value of her vehicle in the used car marketplace is $13..
Given the optimal order quantity calculated above, if the average inventory is 136 cartons, then the monthly holding cost is ____ dollars, and the total cost including the cost of supply or the total unit cost for all units, holding and ordering i..
Research the organizations to identify the Career services
Update the controversy over the Chinese Yuan in foreign currency markets. Is China still using central bank foreign exchange policy to maintain the value of the yuan? What is the current policy of the US on this issue?
The Federal Reserve buy $100 million worth of government securities in open market. If the required reserve ratio is .6, determine the maximum possible increase in the money supply?
Explain what happens in a fixed exchange rate economy when the world interest rate rises
Compare and contrast the different stages of the business cycle and how inflation and unemployment vary via these different stages. Then discuss the appropriate fiscal and monetary policies to address inflation and unemployment.
Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).
Applied Statistic Project Description Students are expected to research and report on the socio-economic issues using the economic / statistics concepts and tools provided in class. Some questions that students may wish to consider, and provide answe..
Use your spreadsheet's optimizer to find the meal proportions that meet the BMI and heart goals at minimum cost. Which category is not a part of the least-cost weekly meal plan?
consider an economy with the following aggregate demand ad and short-run aggregate supply sras schedules.
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