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Suppose that Erin spend her incomes on two goods, food (X) and clothing (Y), and that her utility function is given by U(X,Y)=.20X2Y2 (The marginal utility for X is .40XY2 and that for Y is .40X2Y ). The prices of food and clothing are $10 and $20 for each unit, respectively. Her income is $500 per week.
Find the level of her utility when she purchases 10 units of food and 20 units of clothing every week.
In (a), find her marginal rate of substitution.
Find her choice for X and Y when she maximizes her utility given her budget constraint.
We know that GDP has four components: consumption (C), investment (I), government purchases (G) and net exports (NX). If we let Y stand for GDP
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
Write a formula which describes the marginal product of labour in the short run as a function of the amount of labour used.
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If the world market for crude oil experiences an increase in supply and a decrease in demand, which of the following results is expected to occur?
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Utilizing the standard IS/LM model, elucidate how the scope of monetary policy to change real economic activity in the short run depends on the private sector reaction to interest rate changes.
q.denise is thinking about setting up a butterfly garden in her backyard. she estimates that it will cost her 2000 to
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