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Consider a Cobb-Douglas utility function of the type u(x,y) =x2y2. The prices of the two goods x,y are px = $2 and py=$4 consumers income is given by m=$100.
A) find the optimal basket containing these two goods.
B) find the demand functions for x. Must be shown graphically too.
C) what are the shares of income spent on each good?
D) draw the Engel curve for x
Firms that had virtual monopoles, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the - The marginal revenue that would be derived from the production of a ..
Illustrate what price also quantity would prevail after the imposition of the tax
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Kent is retained by Mighty Manufacturing, Inc. to perform welding. He was specially trained in safety precautions applicable to installing replacement mufflers on automobiles including a rule against installing a muffler on any auto that had heavily ..
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