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Galway, Ireland has 1,000 people. Every year they have a fireworks show on the Fourth of July. The citizens are interested in only two things, drinking milk and watching fireworks. Fireworks cost 1 gallon of milk per unit. People in Cowflop have identical utility functions Ui(xi, g)=xi+g1/2/20, where xi is the number of gallons of milk per year consumed by citizen i, and g is the number of units of fireworks exploded in the town's Fourth of July extravaganza. (Private use of fireworks is outlawed.)Solve for the absolute value of each citizen's marginal rate of substitution between fireworks and milk.Find the Pareto optimal amount of fireworks for Galway. The ANSWER for question 1 is 1/40vg, for question 2 is 625. Thanks
Suppose the equation for th LM curve is Y=13500+100r. Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate, the interest rate that the Fed controls.
All the numbers after the x's are subscript. Y=13.20 + 2.10x1 +1.24x2 +0.62x3 where Y= monthly sales revenue (in $1,000's) x1= monthly advertising expenditure (in $100s) x2= (x1)^2 x3= a time trend x3=1 in month 1, x3=2 in month 2 etc.
The FCC requires local telephone companies to provide access to their local networks before being able to offer long distance service.
Each member of the competitive fringe chooses how much (dirty) energy to generate, qf∈ R+, which determines how many allowances it must purchase
The accompanying graph shows the market for loanable funds in equilibrium. Which might produce a new equilibrium interest rate of 8% and a new equilibrium quantity of loanable funds of $150. what will shift the equilibrium right from $100 to $150 ..
If the theater is open, the owners have to pay a fixed nightly amount of $500 to show a film. In addition, the movie house incurs an additional cost of two dollars for each person that attends a movie.
Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year
Consider a city that has a number of hot dog stands operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose the maximum number of hot dogs that any one vendor can se..
The manager of Collins Import Autos believes the number of cars sold in a day (Q) depends on two factors: (1) the number of hours the dealership is open (H) and (2) the number of salespersons working that day (S). After collecting data for two months..
An owner can lease her building for $100,000 per year for three years. The explicit cost of maintaining the building is $35,000 and the implicit cost is $50,000. All revenues are received, and costs are borne, at the end of each year.
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a packet of cigarettes currently costs $8 and the government wants to reduce smoking by 20%, by how much should it increase the price
suppose two types of consumers exist, a more affluent group (1) with an estimated price elasticity for biscuits of -2 and a less affluent (2) with an estimated price elasticity for biscuits of -2.5. Pillsbury puts a posted price of a particular amoun..
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