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Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A backstory for these preferences might be that he cares about total calories which he needs to survive, and joy. oreos and chocolate chip cookies are perfect substitutes in providing calories-the x1+x2 term-but only homemade chocolate cookies give him joy (the second term). His income is Y. a.) Suppose p2<p1. Assuming an interior solution, derive Cookie MOnsters demand for each good. b)Determine whether each good is normal, inferior or Giffen c.) What would happen to solution in a) if oreos were more expensive?
Suppose that a country that has a high level of output per person agrees to trade with a country that has a low level of output per person. Which country can benefit?
Under the welfare system depicted in the diagram above, the marginal wage for a welfare recipient is: The reservation wage will decrease for an individual if:
The student investigated the pricing of oil and gasoline. The study included a comparison of 2014 prices to 2015 prices. Explain the differences observed by means of supply and demand theory. What happened to cause the fall of oil and gasoline prices..
"Mercantalism recommends that a country should limit its exports, so that more of the otherwise-exportable products are instead available for local consumption." Do you agree or disagree with this characterization of mercantilism's message? Explain.
One of the elements of risk is uncertainty. Which one of the following best describes the type of uncertainty that risk involves? Risk can be classified as pure or speculative. Which one of the following is the best example of a speculative risk? Whi..
Which of the following products has the most elastic demand?
given qd124-0.025 p and qs -50 0.025pquestion 1at the time of rusals concern primary aluminum prices were relatively
Most industrial farms hire migrant workers, so the market for such workers is reasonably taken to be perfectly competitive. Suppose that all farms individually have a short-run elasticity of labor demand of 0.5. Explain why the reduction in employmen..
q1. the price of a laptop increases by 20 and there is a 40 drop in the quantity demanded. the price of a pack of
How many skateboards should be manufactured? Why?
Which firm would you expect to make the lowest profits, other things equal? Bertrand oligopolist. Cournot oligopolist. Sweezy oligopolist Stackelberg leader
A beautiful bridge is being built over the river that runs through a major city in your state. The cost of the bridge is estimated at $600 M. Annual cost of the maintenance is estimates at $200,000. Also, every 10 years the bridge needs an overhaul m..
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