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How do you determine if a utility function is homothetic? I understand that definitions say that if the MRS depends only on the ratio of the two goods, then the utility function is homothetic. Yet I have trouble understanding how to actually apply this definition. So A is indifferent between bundles satisfying:
(Y/K)+ln(X/K)=2 where X, Y >0 and (X, Y are the goods)
is this utility function homothetic? if so, why?
Based on the production function parameter estimates reported in Table 7.4: a. Which industry (or industries) appears to exhibiting constant returns to scale? (Ignore the issue statistical significance.) b. Which industry comes closest to exhibiti..
Some say: “It’s not true there are substitutes for anything. If you want omelets, you need eggs. There are no substitutes for eggs in an omelet.” Analyze this argument critically. Use relevant economic concept(s) to justify your answer. (The assertio..
Consider a situation in which you invest 7000 SR per year for 7 year in a bank account that has an annual interest rate of 10%. What will be the future value of your investment?
Explain what drives up apps sales and how a company would try to use this new trend of apps to increase sales and be competitive in the market. Give examples.
Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $546.83 at the end of each month over years..
In your own words, describe how the elements fit together. Choose one element from the list below and give a real life example that demonstrates how enterprise data management relates to the element.
Illustrate what happens to official measure of GDP when air quality improves significantly in united states but there are no effects on aggregate production or on market prices of final goods and services.
Opportunity cost is associated with choosing a particular decision that is measured by the forgone benefits of the next-best alternative. What example would you pose to explain this?
Explain the 4 ways the Federal Reserve would increase the money Supply and explain and graph how this would impact interest rates, consumption, and investment, AD, GDP, Prices and Unemployment. (Make sure to include both the money and the goods graph..
A recent strike by the labor unions, in the U.S., led to a huge change in the working environment. As a result, not only were employees provided better working conditions and higher salary, but also guaranteed long term job security. Would this affec..
ECO 314: Energy and the Environment What is the equilibrium price and quantity of electricity and what portion of the tax would be borne by buyers and sellers, respectively.
Which of the following are examples of the investment component of GDP? If the statement is an example of investment as it pertains to GDP, then drag and drop it into the \" Examples of Investment\" bin. If it is not, then drag and drop it into the \..
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